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The Wilmington, N.C.-based cloud banking giant nCino acquired the mobile-first homeownership software company SimpleNexus this month in a deal that officials said would transform the financial services industry.
According to the acquisition announcement, the deal was worth approximately 12.76 million shares of nCino's common stock, plus cash consideration of approximately $270 million "on a cash-free, debt-free basis excluding transaction expenses."
nCino CEO Pierre Naudé said, "We are excited to officially welcome the SimpleNexus team to the nCino family. 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."
In a statement, SimpleNexus CEO Cathleen Schreiner Gates said, "We are thrilled to join forces with nCino, a company that shares our passion for innovation and commitment to customer success. 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."
Officials with both organizations stated nCino's financial services platform combined with SimpleNexus' systems, which allows people through all stages of the home-buying process end-to-end, "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."
Ryan Doehrmann, chief mortgage officer for the North Liberty, Iowa-based GreenState Credit Union ($7.9 billion in assets, 329,118 members), said, "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."
According to the joint announcement of the deal, for the fourth quarter ending Jan. 31, 2022, nCino said SimpleNexus contributed between $3.6 and $3.8 million in total revenue from the closing date of the acquisition, which was Jan. 7.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
