The nasdaq-listed financial technology firm, nCino announced the completion of the acquisition of SimpleNexus, one of the fastest-growing technology companies, yesterday. The total consideration for the mentioned acquisition consists of nearly 12.76 million shares of nCino common stock plus cash consideration of almost $270 million, on a cash-free, debt-free basis and excluding transaction expenses.
Through the latest acquisition, nCino is planning to transform the financial services industry. According to the cloud banking company, the platform of SimpleNexus will facilitate users in different stages of the home buying process.
For the fourth quarter ending 31 January 2022, nCino is expecting a contribution between $3.6 and $3.8 million in total revenue from SimpleNexus. nCino expects a significant expansion in the company's operations through the acquisition of SimpleNexus.
“We are excited to officially welcome the SimpleNexus team to the nCino family,” said Pierre Naudé, the Chief Executive Officer of nCino. “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.”
Cloud Banking
Across the global banking system, the concept of cloud banking has gained popularity in the last few years. With rising digital adoption, financial institutions are looking for innovative, technology-based banking solutions to increase the efficiency of their operations. nCino’s clients include several leading commercial banks around the world.
“We are thrilled to join forces with nCino, a company that shares our passion for innovation and commitment to customer success," said Cathleen Schreiner Gates, the Chief Executive Officer at SimpleNexus. "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.”
