Katabat acquires Idaho-based software developer
WILMINGTON – Katabat, a global provider of debt management software solutions for lenders, fintechs, and collection agencies, announced Jan. 5 that it has acquired an Idaho-based software developer as it continues to look to expand its market reach.
Headquartered at the Brandywine Building in downtown Wilmington, Katabat is a provider of debt collection software products for global consumer lenders and third-party agencies. Terms of the acquisition of Idaho Falls-based Simplicity Collection Software were not disclosed.
“We are delighted to be combining with Simplicity to broaden our reach of debt collection products, very much in response to client feedback and client need,” said Ray Peloso, president and CEO of Katabat, in a statement announcing the deal. “We believe that the combined company, built through deep industry expertise at both Simplicity and Katabat, delivers truly superior offerings in the market.”
Simplicity has developed SimplicityCollect, a cloud-based debt collection software product designed for small-to-medium-sized, third-party debt collection agencies, health care providers, law firms and legal recovery. The program tracks a case from entry to close in real-time via a cloud-based software.
Peloso said that “with transformational industry change unfolding through economic headwinds, regulatory change and unquestioned changes in consumer mobility,” the new acquisition will better serve Katabat’s clients “seeking to use technology to address industry disruption.”
“We’re proud to be the leading debt collection software provider for the markets we serve, and we’re excited to strategically align with Katabat to create full product coverage that will serve both first- and third-party clients,” said Jon Parker, CEO of Simplicity, in a statement.
Katabat has endured in a difficult year, with the COVID-19 pandemic upending the lending and collections industries’ typical workflow. Katabat reported in October that one client rolled out a pandemic-tied forbearance program for 125,000 mortgage holders while another requested software enhancements to allow employees to work from home securely.
The company also moved from its former home at the Pennsylvania Railroad Building after CSC purchased the French Street building for use as its satellite CSC Station office. Then in August, Katabat was acquired by private equity firms Tritium Partners and Terminus Capital Partners, both of whom reportedly blessed the latest acquisition.
“We remain convinced that now more than ever collection organizations of all sizes are looking to bolster their capabilities using modern software, and further that Katabat has created a world-class debt collection platform to address that market demand. Simplicity is a perfect fit with Katabat as clients of both companies will benefit from product and platform synergies in data-driven work-flow management, loan accounting system of record capabilities, advanced analytics, and strong compliance tools,” said Chris Steiner, principal at Tritium Partners, in a statement.