Dark Matter executives confirmed the company has undergone a reduction in force, as the company sets its next phase in motion.
As a standalone company, Dark Matter
On Sept. 15, 2023, what had been the Black Knight origination technology business, primarily its Empower loan origination system, was sold to a unit of Constellation Software and rebranded as Dark Matter Technologies. This was a requirement of Black Knight's purchase by Intercontinental Exchange, which operates the Encompass LOS.
In April,
The layoffs were first reported in a Housing Wire article.
Why Dark Matter is reducing staff
The move was a necessary step for Dark Matter to align the size of its workforce with current market realities, Dugan said in a statement.
"Saying goodbye to valued team members is never easy," said Dugan. "These individuals have made meaningful contributions to our growth and success, and we're committed to supporting them during this transition with resources and assistance in the weeks ahead."
The downsizing also reflects the evolving structure of Dark Matter, he continued.
Earlier this year, Dark Matter migrated its Empower and Nova loan origination systems
"As a newly independent company, Dark Matter initially retained a larger team from Black Knight than we ultimately needed," Dugan said. "Integrating the Nova team added further talent and some natural overlap."
Dark Matter did not disclose the number of employees affected by the move at press time.
