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nCino, a leading provider of cloud banking and digital transformation solutions for the financial services industry, has announced that it will acquire SimpleNexus in a stock and cash transaction worth approximately $1.2 billion. SimpleNexus is known for its seamless platform that brings together all the stakeholders involved in the home-buying process, including loan officers, borrowers, real estate agents, and settlement agents.
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nCino’s CEO, Pierre Naudé, expressed excitement about the acquisition, stating that SimpleNexus’ cloud-based homeownership platform perfectly complements nCino’s mission to transform the financial services industry through innovation. He believes that SimpleNexus’ expertise in consumer front-end technology will enhance nCino’s capabilities in the point-of-sale mortgage market and further strengthen its mobile and point-of-sale offerings.
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SimpleNexus has established itself as a leading digital homeownership software company in the United States, serving a wide range of mortgage banks, banks, credit unions, and loan originators. Their software has been leveraged in more than one in every seven mortgage originations in the country during the first nine months of 2021.
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The acquisition of SimpleNexus allows nCino to expand its addressable market by over $4 billion and solidify its position as a preferred digital banking platform. Both companies operate on a subscription-based revenue model, ensuring predictable and recurring financial results.
Moving forward, nCino and SimpleNexus plan to continue innovating for the independent mortgage banking (IMB) community while accelerating the adoption of SimpleNexus’ homeownership platform by banks and credit unions. They also aim to leverage SimpleNexus’ consumer front-end technology and domain expertise to enhance nCino’s mobile and point-of-sale offerings across various lines of business.
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The transaction is expected to be completed by the end of nCino’s fourth fiscal quarter in January 2022, pending regulatory approvals and other customary closing conditions.
BofA Securities is acting as the financial advisor to nCino, while Sidley Austin LLP is serving as its legal counsel. Willkie Farr & Gallagher LLP is providing legal counsel to SimpleNexus.
nCino and SimpleNexus executives hosted a conference call to discuss the details of the transaction, and a webcast and replay are available on nCino’s Investor Relations website.
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It’s important to note that this announcement contains forward-looking statements, and actual results may differ materially due to various factors. The completion of the transaction is subject to certain conditions and approvals.