nCino to Acquire SimpleNexus for $1.2 Billion
November 23, 2021
nCino Inc., a provider of cloud banking and digital solutions, entered into a definitive agreement to acquire SimpleNexus in a stock and cash transaction valued at approximately $1.2 billion.
SimpleNexus provides a digital platform that serves mortgages from application to closing.
“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 serves more than 300 independent mortgage banks, over 80 banks and credit unions, and more than 41,000 loan originators nationwide. Similar to nCino, SimpleNexus operates a per-seat subscription-based revenue model, enabling the company to generate financial results that are more predictable, recurring and not based on mortgage transaction volumes.
nCino and SimpleNexus will work together to continue innovating for the IMB community while accelerating the adoption of the SimpleNexus homeownership platform by U.S. banks and credit unions, where nCino currently has over 1,100 customers.
Contact ALTA at 202-296-3671 or [email protected].