WILMINGTON – nCino, the startup turned “unicorn” now public through an IPO, continues to grow its cloud-based banking business.
The company on Tuesday announced a $1.2 billion to acquore SimpleNexus, a developer of a digital mortgage platform.
nCino “will acquire SimpleNexus for approximately $240 million in cash and approximately 13.2 million shares of nCino Common Stock, subject to customary adjustments for transactions of this nature,” the company said.
“When we first started nCino (Nasdaq: NCNO), 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, CEO of nCino, in a release and first reported by WilmingtonBiz. “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.”
nCino noted that SimpleNexus services “than 300 independent mortgage banks (IMBs), over 80 banks and credit unions, and more than 41,000 loan originators nationwide,” adding that “more than 1 in every 7 mortgage originations in the U.S. leveraged SimpleNexus’ software” in the first nine months of this year.
