Tuesday, December 05, 2006

Portellus: Grabs Argent Technologist

Irvine, Calif.-based Portellus Inc. has added Michael Goldsby to its team as Chief Technology Officer. Goldsby comes to Portellus with more than 20 years of experience in high visibility positions ranging from chief architect and scientist to enterprise consultant, most recently working for some of the nation's largest subprime lenders.

In his role as CTO, Goldsby is responsible for guiding the company’s long term technology vision for its multiple business units on vertical and horizontal levels. Mr. Goldsby will oversee Portellus’ application engineering and development teams for the company’s suite of business automation solutions in both the United States and overseas.

SourceMedia's Paul Muolo has been talking a lot lately about how large subprime lenders are being bought up by Wall Street firms. We saw similar activity back in the late 90s when subprime lenders, flush with profit after the B&C boom, were sold off to eager buyers--mostly banks back then, as I recall.

If Wall Street is the buyer this time, it makes sense that companies like Portellus would be eager to build subprime lending technology to offer these deep-pocketed new owners. We'll stand by to see what Goldsby can help Portellus build.