Banker’s Toolbox, which acquired MainStreet Technologies and Sageworks in 2018, announced that it is now Abrigo. The rebrand marks the next step in the company’s continued journey toward the goal of becoming the technology platform partner of choice for America’s community financial institutions.
Abrigo provides compliance, credit risk and lending solutions to enable its customers to think bigger, allowing them to both manage risk and drive growth. Its mission to “Make Big Things Happen” underscores the company’s commitment to helping community financial institutions succeed against “the perfect storm” of ever-changing and increasing regulatory requirements, limited resources, increasing and new competition, evolving technologies, and changing customer expectations.
“You don’t have to be the biggest to make big things happen. You jus tneed the right partner,” said Wayne Roberts, CEO of Abrigo. “Our family of customers has grown significantly over the last few years. We believe the Abrigo name positions us to better communicate our enhanced platform capabilities and our focus on helping our customers not only survive, but thrive.”
Roberts added, “We are on a mission to build a great company — a company with great solutions that provides great value for customers and has a great culture.”
According to Abrigo customer Marvin Tellez, vice president and system administrator at Veritex Community Bank, “The main thing that stands out about Abrigo customer service is their willingness to help and react at a moment’s notice to make the client happy.”
Abrigo grew its revenue and share significantly in 2018 and now serves over 50 percent of mid-market financial institutions. In fact, the company’s CECL/ALLL compliance products support more banks than any other provider and are the only CECL/ALLL solutions endorsed by the American Bankers Association. Abrigo has aggressive growth plans to add more products, services and expertise through continued organic growth, as well as targeted acquisitions, in response to customer needs and requirements.
The firm is funded by private equity firm Accel-KKR. Park Durrett, AKKR managing director said, “We invested in Banker’s Toolbox to build a platform company serving financial institutions needing compliance solutions. Wayne and the team built a great company over the last few years, and we are bullish on the future. AKKR is excited and will continue investing in Abrigo and its vision to make big things happen for financial institutions and the communities that they serve.”