New Business Named Array Technology, LLC
OKLAHOMA CITY, Jan. 8, 2015 /PRNewswire/ — First Financial Network, Inc. (FFN), an industry leading loan sale advisory firm, announced that it has completed the spin-off of its technology related services, Array Technology, LLC, from its core loan sale advisory business.
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When FFN needed data extracted from thousands of documents coming from multiple sources, its innovation and technology team developed proprietary software which images, imports, indexes, organizes and compares documents and data. The resulting technology saved the company hundreds of hours of labor and potential data entry mistakes. FFN determined other industries could use the technology offerings.
"It's ridiculous to expect highly trained professionals to reenter data and manually name documents, yet there wasn't this type of technology on the market," says Bliss Morris, FFN's CEO and founder. "The strategic separation of our advisory and technology areas will allow each to optimize their business goals and be well positioned to deliver growth in the future. The decision to spin-off Array was possible due to our success in growing FFN over the past 25 years."
Array Technology (www.arraytechnology.com) has a patented solution called Constellation™ and is actively developing a suite of other technology solutions to better manage high volumes of documents and data. Array is marketing Constellation as a customizable solution for data and document organization challenges for financial institutions, special servicers, governmental entities, law firms, litigation support groups and other industries.
About First Financial Network
Since its founding in 1989, FFN has defined the loan sale industry, selling billions of dollars in loans and other assets in 28 countries. In addition to loan sales, the company provides loan file imaging and indexing, loan valuation, compliance reviews and due diligence services to banks, agencies of the Federal government, major foreign banks and other lenders. The company's online Loan Sale Network™ platform and Metrics, an integrated due diligence analytics system, are used in conjunction with exceptional marketing techniques to achieve optimal value in today's secondary market. For further information, call 405.748.4100 or visit www.ffncorp.com.
Contacts:
Merrie Duncan – (405) 748-4100, Email
Sherry Dale – Email