Teledata Communications Inc., an Islandia-based developer of loan origination software, is expanding its headquarters, leasing an additional 6,000 square feet of space to facilitate future hiring.
The company, founded in 1982 as a manufacturer of telex terminals, develops cloud-hosted software that automates consumer lending for small banks, credit unions and other finance companies. The expansion move comes after three years of growth in the auto lending market, a key segment of customers for the company.
Teledata has more than doubled its employment since 2012, growing from 35 employees to 75 workers today, and anticipates needing the extra space to accommodate more developers in the future.
“We’re actively filling slots here but we don’t have anywhere to put the people until the space is completed,” said Bill Nass, president and co-founder of Teledata, which serves more than 500 financial institutions nationwide.
Last year, the company’s software processed more than $100 billion in consumer loan requests.