Dan Sogorka, the new chief executive of Cloudvirga Inc., said the fast-growing mortgage software company will probably add 50 more Orange County employees over the next 12 months.
A just-finished move to new digs at UCI Research Park provides plenty of space for that growth, he said.
“We pretty much looked all around Orange County and wanted to find the best place for our existing employees, and a place that we felt would really help us recruit top talent,” Sogorka told the Business Journal on Aug. 28. “That’s why we picked UCI Research Park. We are fresh in.”
Cloudvirga, which makes software that automates the mortgage process, had been at the Jamboree Business Center office complex near the Market Place shopping center.
UCI, Bosnia
Sogorka, who took over the top spot at the Irvine-based company a month ago, said the firm now has nearly 100 people on site in 24,000 square feet of space at 5291 California Ave., out of a global workforce of more 150 people.
Cloudvirga has more than doubled its headcount in the past two years as it strives to cut overall mortgage costs and reduce the time needed to close a loan.
He said a “large percentage” of the rest of the workforce is in Bosnia working on technology development in a business partnership that’s been in place since Cloudvirga started in 2016.
Sogorka joined the company in January as chief revenue officer and took over the CEO position from Michael Schreck, who was hired in mid-2017; Schreck will continue as an adviser.
More Funding?
The company has raised more than $77 million from investors since its founding, and Sogorka said “we don’t have any current plans going on as far as another round.”
“But if we continue to grow like I expect we do, and we think that additional capital’s the right fit, that would probably be a late 2020 [or] early 2021 type deal,” according to the Cloudvirga CEO.
Sogorka declined to provide any revenue figures for the privately held company.
“We can grow significantly with the right partners,” Sogorka said. “We’re looking for lenders that want to be super-innovative and really want to treat their consumers differently and have a different operational and internal cost profile” than they do today.
“Most of our customers are nationwide,” he added.
