nCino, Inc. (NASDAQ: NCNO), a provider of cloud banking and digital transformation solutions for the global financial services industry, today announced that it has completed its acquisition of SimpleNexus, a cloud-based, mobile-first homeownership software company, for total consideration of approximately 12.76 million shares of nCino common stock plus cash consideration of approximately $270 million, on a cash-free, debt-free basis and excluding transaction expenses.
“We are excited to officially welcome the SimpleNexus team to the nCino family,” said Pierre Naudé, 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.”
“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, 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.”
The acquisition furthers nCino’s commitment to transforming the financial services industry through innovation, reputation and speed. The SimpleNexus platform 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 easily engage in the homeownership process from any device. SimpleNexus’ complementary products and mobile-first offerings will unlock additional opportunities and provide greater value for new and existing customers, including enhancing nCino’s mobile and point-of-sale offerings across additional lines of business. For the fourth quarter ending January 31, 2022, nCino expects SimpleNexus will contribute between $3.6 and $3.8 million in total revenues from the closing date of January 7, 2022.
“nCino and SimpleNexus have both been key partners in our continued growth across commercial banking, mortgages and more. It’s exciting to see them join forces – we’re looking forward to seeing what comes next from these two great companies.” — Robert J Bardusch, Senior Executive Vice President & Chief Operating Officer, Valley National Bank
“The combination of nCino and SimpleNexus makes it clear that both companies understand the need for scale as well as the importance of investing in innovation. We trust the SimpleNexus leadership team, as they have always shown a commitment to their customers, and we are excited to get to know the nCino leadership team. This is a home run decision.” — Dave Robnett, Chief Executive Officer, Celebrity Financial
“nCino and SimpleNexus have earned recognition as market leaders in their respective industries, and this combination is truly a win-win for our employees and our members. Both companies are focused on digital innovation and advancing the financial services industry, and both platforms complement one another. Good people, combined with best-in-class products, make for happy members.” — Ryan Doehrmann, Chief Mortgage Officer, GreenState Credit Union
“The shift to the cloud has financial institutions seeking modern technology to originate mortgages and other loan types, open accounts and onboard customers. SimpleNexus and nCino both play a role in their current banking technology segments to provide cloud-based solutions that streamline and simplify customer journeys in lending. SimpleNexus has mobile-first, mortgage point-of-sale and eClosing solutions that can be combined with nCino’s enterprise client onboarding and loan origination system capabilities to create a comprehensive mortgage origination platform, adding market-leading customer engagement and digital loan signing capabilities to nCino’s current solutions. This is an exciting combination of two leading fintech companies during a pivotal time when lenders demand modern technology from fintechs with a documented track record of product delivery and support.” — Craig Focardi, Senior Banking Analyst, Celent
BofA Securities served as financial advisor to nCino, and Sidley Austin LLP served as its legal counsel. Willkie Farr & Gallagher LLP served as legal counsel to SimpleNexus.
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