Layoffs hit Dark Matter Technologies

Dozens of employees at mortgage tech firm Dark Matter Technologies were laid off on Monday, multiple sources told HousingWire.

It’s unclear how many were laid off, but sources said it was “massive” and impacted staffers in a variety of roles.

Former employees told HousingWire the reason cited for the layoffs was the shaky “economy” and the company’s “bottom line.” Several described the layoff as “abrupt” and a surprise.

Dark Matter Technologies, which was formed in 2023 as a subsidiary of Perseus Operating Group, itself a unit of Constellation Software, did not respond to a request for comment.

The company produces popular loan origination system Empower, which was sold to Perseus/Constellation to quell antitrust concerns related to ICE Mortgage Technology‘s blockbuster acquisition of Black Knight and the industry leading servicing platform MSP. 

Dark Matter Technologies in February announced that it was relaunching the legacy CMS Servicing software as a comprehensive servicing solution for its customers, which would make it more competitive with ICE. Perseus acquired Mortgage Builder’s CMS Servicing in 2019 from Altisource Portfolio Solutions.

Dark Matter faces fierce competition from ICE. A number of big lenders who were on Empower moved to ICE’s Encompass system to keep MSP tightly integrated with their LOS, sources told HousingWire.

Sean Dugan assumed the role of CEO at Dark Matter Technologies in April after Rich Gagliano transitioned to the executive chairman role. The company also has another LOS known as NOVA, which it says will allow it to serve distinct segments of the market.