Applied Business Software, Inc. (“ABS”), the leading provider of loan servicing software to the private lending industry, today announced the closing of a strategic growth investment from Lometa Capital Partners (“Lometa”). Lometa’s investment, made alongside a significant investment from existing management and ownership, will allow ABS to accelerate the development of its web-based platform, expand its development team and extend its recent momentum in markets adjacent to ABS’ historical mortgage core.
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“We could not be more excited to partner with Lometa. In selecting a partner to invest alongside our long-tenured and tight-knit team, cultural fit was a primary focus. Lometa’s unique fund model and approach to investing was a perfect fit for our family-run business. Lometa and its partners have the experience and resources to accelerate ABS’ growth into adjacent markets,” said Carlos Nodarse, CEO of Applied Business Software. “The closing of this transaction represents the beginning of the next chapter in our journey as we work towards automating everything for the private lending industry.”
Founded in 1978, ABS provides loan servicing and origination software globally for private lending institutions, non-profits, municipalities, fund administrators, franchisors and many other businesses. Over 1,000 customers use ABS’ comprehensive suite of loan servicing products and add-on modules to automate the loan servicing process and scale their loan portfolios.
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“We are grateful that the ABS management team chose to partner with Lometa for their next stage of growth. We look forward to expanding the business while continuing to focus on the quality and customer service that has been a trademark of ABS,” said Neal Jain, a Managing Partner at Lometa. “Our partnership will accelerate ABS’ recent momentum as it innovates on behalf of lenders with the ultimate goal of helping customers achieve automation, scalability and success in their business.”
Tom Friel, a Managing Partner at Lometa, added, “We have long been impressed with ABS’s unique position as the leader in core operating software for private lenders. Jerry & Eddy Delgado along with the rest of the long-tenured ABS “family” have built a world-class business. ABS’ exceptional products and deep commitment to customer service have allowed ABS to maintain the preeminent position in an industry undergoing extensive digital transformation. Lometa’s investment in ABS is both the culmination of many years of hard work and the beginning of a new phase of growth.”
In closing the transaction, Lometa was supported by Aldine Capital, Quabbin Capital and Byline Bank. The Lometa team responsible for closing the transaction was: Neal Jain, Tom Friel, Kevin Williams, and Cramer Williams.
