nCino, a cloud banking and digital transformation solution developer, has acquired cloud-based homeownership software company SimpleNexus.
The deal terms were around 12.76 million shares of nCino common stock plus a cash consideration of approximately $270m, on a cash-free, debt-free basis and excluding transaction expenses.
Through the deal, nCino hopes to bolster its innovation efforts and improve its reputation and speed.
SimpleNexus technology connects all parties involved with the homebuying process into a single end-to-end experience, empowering loan officers, borrowers, real estate agents and settlement agents to engage the homeownership process from any device.
Speaking on the acquisition, nCino CEO Pierre Naudé said, “The combination of nCino and SimpleNexus brings together two best-in-class, cloud-native companies focused on transforming the financial services industry by streamlining and simplifying cumbersome financial processes with innovative, market-leading technology solutions.
“Together, we can enhance the offerings for our customers and strengthen nCino’s position as the worldwide leader in cloud banking.”
For the fourth quarter ending January 31 2022, nCino expects SimpleNexus to contribute between £3.6 and $3.8m in total revenues.
nCino provides financial institutions with scalable technology to improve their operations and compliance. Its features can efficiently onboard clients, create loans, manage loan lifecycles and open various types of accounts.
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