Toronto, ON – June 1, 2011 – TAO Solutions, an innovative provider of niche capital markets technology solutions, today announced that it has reached an agreement to purchase the Mortgage Backed Securities (MBS) software suite Pool Maker / Pool Manager from Vancouver-based Akcelerant Software Canada ULC.
“Akcelerant’s strategy is focused primarily on collections and loan origination software in Canada and the United States; as a result, we felt that the Pool Maker / Pool Manager application did not strategically fit within our current product offerings,” stated Jay Mossman, President and CEO of Akcelerant. “We believe that TAO Solutions Inc. is the best available Canadian company to take care of our MBS customers as TAO has a strategic commitment to grow the business”.
“We are very excited about this opportunity and what it means to the existing customer base of the Pool Maker / Pool Manager products,” stated Aaron Seaton, President and co-founder of TAO Solutions. “This transaction clearly demonstrates our commitment and leadership in the MBS solutions market in Canada. Along with our modern, ground-breaking MBS product, mortgageHUB, and specialized professional services, acquiring these products provides our clients with a solid foundation to support their mission-critical funding needs in this rapidly evolving environment.”
About TAO Solutions Inc.
TAO Solutions is a proud member of the TAO Group of Companies. Its sister companies, TAO Asset Management and TAO Administration, are some of the largest and most experienced structured finance asset management and administration firms in Canada. With a dedicated senior management team experienced in the capital markets IT and real estate securitization industries; we are at the leading edge of developments within structured finance, funding and technology. As well, our clients benefit from our ability to draw upon the deep skill-sets embedded within the team of subject-matter-experts at each of our member organizations.
About Akcelerant Software Canada ULC
Akcelerant Software Canada ULC is a subsidiary of Akcelerant Software LLC and provides connected software applications to the financial services industry through multiple product lines and integration to best-of-breed service providers. Approximately 500 financial institutions in all 50 states and all provinces of Canada are currently using Akcelerant technology. For more information about Akcelerant, visit www.akcelerant.com.