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The Boston Globe

Business

Lured by talent in Boston, Altisource will open a lab

Mark Hynes, in the Boston office of Altisource, a Luxembourg firm.

Aram Boghosian for The Boston Globe

Mark Hynes, in the Boston office of Altisource, a Luxembourg firm.

Altisource Portfolio Solutions SA, a Luxembourg-based provider of services and technology to the financial industry, is opening an innovation lab in Boston’s Financial District and plans to hire 100 software engineers and developers this year.

The company said it will invest about $150 million in the lab at the Atlantic­ Wharf complex, where it will try to create new companies based on its proprietary technology. Company officials said the Bay State beachhead will enable Altisource to recruit from Boston’s deep well of technical talent.

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“Our goal is to create billion-dollar market cap companies,” said Mark Hynes, the president of technology services for Altisource who is heading the lab.

Altisource intends to spin out independent, publicly traded software companies, but retain a large stake in them. The new companies would be headquartered in the Boston area, Hynes said.

Altisource has had some success with this model of growing and launching companies.

Last year, it spun off Altisource Residential Corp. and Altisource Asset Management Corp. They have a combined market capitalization of about $683 million.

Altisource’s Boston office will have an open, airy feel that will make the lab seem more like a Web start-up than a finance office.

“What we are trying to do is mirror a lot of the attractiveness that a start-up would have,” said Hynes, who founded the Marlborough software company Xevo Corp. in 1997.

The Altisource incubation model is similar to that of Cogo Labs, a Cambridge company that has launched several companies, including Autotegrity, which was acquired last year by the payroll company Automatic Data Processing Inc.

Altisource considered several other locations for its lab but decided on Boston because of Hynes’s ties here, as well as the area’s reputation for producing other successful software companies focused on business services.

“It was really this concentration of tough enterprise problem-solvers,” Hynes said.

Last year, Altisource recorded revenues of $568 million, a 34 percent increase over the previous period.

Its stock closed Wednesday at $90.95, a 0.85 percent increase over the previous day.

Michael B. Farrell
can be reached at
michael.farrell@globe.com.

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