Business
nCino Signs Definitive Agreement to Acquire SimpleNexus
Combines leading cloud-based, mobile-first homeownership platform with the nCino Bank Operating System® Expands nCino’s point-of-sale and mobile capabilities
About this update from Ncino, Inc.
[{"type":"text","content":"Combines leading cloud-based, mobile-first homeownership platform with the nCino Bank Operating System® Expands nCino’s point-of-sale and mobile capabilities WILMINGTON, N.C., Nov. 16, 2021 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced it has entered into a definitive agreement to acquire SimpleNexus in a stock and cash transaction valued at approximately $1.2 billion. SimpleNexus seamlessly unites the people, systems, and stages of the home buying process into a single end-to-end experience, enabling loan officers, borrowers, real estate agents and settlement agents to manage the homeownership journey in the palm of their hands. “When we first started nCino, our mission was clear: to transform the financial services industry through innovation, reputation and speed. Today, we take another major step forward in executing on that mission by welcoming the talented team at SimpleNexus and their best-in-class, cloud-based homeownership platform into the nCino family,” said Pierre Naudé, Chief Executive Officer of nCino. “Just as nCino has transformed the process for commercial, small business and retail lending, treasury management and account opening, SimpleNexus has streamlined the many stages of the homeownership process into a single, seamless journey. Their innovative solution and deep subject matter expertise in consumer front-end technology will extend our capabilities to the U.S. point-of-sale mortgage space and enhance nCino’s mobile and point-of-sale offerings, unlocking additional opportunities and value for our customers and their clients.” SimpleNexus has established itself as a leading digital homeownership software company in the U.S., serving more than 300 independent mortgage banks (IMBs), over 80 banks and credit unions, and more than 41,000 loan originators nationwide. During the first nine months of 2021, more than 1 in every 7 mortgage originations in the U.S. leveraged SimpleNexus’ software. Providing a natural expansion of nCino’s capabilities to the U.S. point-of-sale mortgage market, the acquisition of SimpleNexus initially expands nCino’s serviceable addressable market by over $4 billion and furthers its competitive position as the single digital banking platform of choice. Similar t...