Dark Matter promotes Vikas Rao to CEO, announces 5% cut to workforce

Dark Matter Technologies on Thursday appointed Vikas Rao as CEO, elevating him from the role of chief technology officer as the mortgage technology firm is poised to accelerate its AI-driven strategy and growth plans.

Rao succeeds Sean Dugan and will lead the company’s next phase with a mandate to translate its technology investments into stronger commercial performance, according to a company press release.

As part of the CEO transition, Dark Matter is also adjusting its leadership structure and making targeted organizational changes, including a reduction in force, to align its operating model with strategic priorities. A company spokesperson told HousingWire the layoffs would impact 5% of the firm’s workforce but did not specify what roles they involved. The release said Dark Matter’s product road map, customer commitments and daily operations remain unchanged, and that it continues to operate with the backing of Constellation Software‘s Andromeda Operating Group.

Dark Matter has emphasized product innovation and early adoption of artificial intelligence in mortgage origination. The CEO change comes as lenders and vendors across the mortgage ecosystem are racing to deploy AI and automation to reduce costs, speed decisioning and manage compliance in a volatile mortgage rate environment.

“Dark Matter has built meaningful technology advantages in a market that is being reshaped by AI, automation and a faster pace of change,” Bonnie Wilhelm, CEO of Constellation Software’s Andromeda Operating Group, said in a statement. “This leadership transition reflects a clear decision to align the company with where the market is going and to turn that advantage into sustained growth. Vikas has been at the center of that shift and is the right leader to carry it forward.”

Rao, who became CTO in 2025, said he plans to embed an “AI-first” approach across the organization, from product development to operations and go-to-market execution.

“We are reshaping how we build, operate and go to market to match where the technology is going,” Rao said. “That means embedding an AI-first approach across the entire organization so we can move faster and deliver more effectively. Our clients will feel that pace of innovation. That is the measure that matters most.”

Rao brings more than 15 years of experience in software engineering, product management and mortgage technology leadership. Before joining Dark Matter, he led product strategy at Ellie Mae, where he oversaw the Encompass lending platform along with its developer and partner ecosystems.

For lenders, the move underscores how mortgage technology providers are reorganizing around AI capabilities and margin pressure. Leadership teams with deep product and engineering backgrounds are increasingly being tasked with turning automation gains into commercial outcomes, from lower origination costs to faster cycle times and more efficient secondary market execution.

This round of layoffs is not the first undertaken by Dark Matter in recent years. In May 2025, the company reportedly eliminated an unspecified but “massive” number of jobs across a variety of roles. Former employees told HousingWire at the time that the “abrupt” move was tied to a shaky economy and the company’s bottom line.