Banker’s Toolbox Announces Acquisition of Loan Loss Reserve Powerhouse, MainStreet Technologies
Banker’s Toolbox adds to its growing compliance solution set
AUSTIN, TX – April 5, 2018 – Banker’s Toolbox, Inc., leaders in compliance solutions for America’s community financial institutions, announced today the acquisition of Georgia-based MainStreet Technologies (MST). MST is a leader and industry trendsetter in the loan risk management space, with their flagship Loan Loss Analyzer (LLA) software platform and highly regarded Advisory Services.
MST solutions are invaluable to institutions in determining and documenting their allowance for loan losses, and preparing for the new Current Expected Credit Loss (CECL) model accounting standard.
“We are focused on accelerating growth through the acquisition of new technologies and capabilities, with the express purpose of providing our customers with best in class compliance solutions.” said Wayne Roberts, CEO of Banker’s Toolbox. Adding, “MainStreet is a perfect fit for Banker’s Toolbox strategy. With its innovative approaches to accurately defining and defending an institution’s loan loss reserve, it provides tangible benefits to its customers. More accurate science in this arena can drive significant value to our customers’ balance sheets and bottom line.”
“Banker’s Toolbox has aggressive plans for growth, and this acquisition is an important step in our strategy to support our family of customers across multiple aspects of risk management.” states Roberts. Dalton Sirmans, founder of MainStreet Technologies adds, “Joining forces with Banker’s Toolbox begins a new and exciting chapter for MST. While we are excited about the future for our team of dedicated professionals, our customers will realize the greatest benefit with the combination of two strong, innovative, industry-leading companies.”
Supported by private equity firm Accel-KKR, Banker’s Toolbox has a vision to be the partner of choice for any organization that is subject to regulatory compliance, even outside of the financial industry. “We are bullish on the Banker’s Toolbox team and the Company’s growth potential,” said Park Durrett, Managing Director at Accel-KKR. “This acquisition adds to a strong and growing portfolio of compliance-related solutions provided by Banker’s Toolbox and will continue to enhance the value the company brings to both their customers and the industry.”
To learn more about Banker’s Toolbox products and services, visit www.bankerstoolbox.com.
About Banker’s Toolbox, Inc.
Austin, TX-based Banker’s Toolbox, Inc. helps organizations manage risk and streamline compliance. The company’s product suite consists of proven solutions for money laundering detection and reporting, risk management through fraud prevention, secure wire processing automation, and commercial real estate loan portfolio risk assessment. The Banker’s Toolbox team is a unique combination of seasoned bankers, former regulators, and information technology experts. For more information, visit the company’s website at www.bankerstoolbox.com.
About MainStreet Technologies (MST)
MST is the leader and pioneer in allowance software solutions, advisory services, and education. Financial institutions across the U.S. employ MST to address their allowance requirements, including the software and subject matter expertise to achieve and maintain compliance with U.S. GAAP and the impending CECL accounting standard. MST solutions are tailored for the institution, integrate with core and other lender systems, and exponentially improve efficiencies. For more information, please visit www.mainstreet-tech.com.
Accel-KKR is a technology-focused investment firm with $4.3 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. For more information, please visit www.accel-kkr.com.
Banker’s Toolbox Contact: Kep Lee [email protected]