Cloud-banking company nCino has acquired SimpleNexus in a deal worth approximately 12.76 million shares of nCino’s common stock, plus cash consideration of about $270 million “on a cash-free, debt-free basis excluding transaction expenses.”
nCino CEO Pierre Naudé said his company was excited to officially welcome SimpleNexus to its team.
“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,” he said. “Together, we can enhance the offerings for our customers and strengthen nCino’s position as the worldwide leader in cloud banking.”
The companies said the acquisition furthers nCino’s commitment to transforming the financial services industry through innovation, reputation, and speed. SimpleNexus’ single end-to-end experience for the homeownership process, complementary products, and mobile-first offerings will enhance nCino’s mobile and point-of-sale offerings across additional lines of business.
nCino expects SimpleNexus will contribute between $3.6 and $3.8 million in total revenues between the deal’s Jan. 7, 2022, closing date and the end of the fourth quarter ending Jan. 31, 2022.
“We are thrilled to join forces with nCino, a company that shares our passion for innovation and commitment to customer success,” SimpleNexus CEO Cathleen Schreiner Gates said. “I’m confident that together, we can accelerate digital transformation across the industry and better serve financial institutions and independent mortgage banks of all sizes.”