SimpleNexus, a provider of homeownership software, is officially part of nCino. The Wilmington-based financial institution software company announced Monday that its acquisition of SimpleNexus is complete.
The transaction, announced in November, was valued at $ 1.2 billion and consisted of approximately 12.75 million nCino common shares and approximately $ 270 million in cash.
“The combination of nCino and SimpleNexus brings together two leading cloud native companies focused on transforming the financial services industry by streamlining and simplifying heavy financial processes with innovative and market-leading technological solutions,” said Pierre Naudé , CEO of nCino. A press release. “Together, we can improve offerings for our customers and strengthen nCino’s position as a global leader in cloud banking. “
Currently, nCino’s banking operating system offers many ways for financial institutions to streamline their products and services, but does not offer digital mortgage services. Enter SimpleNexus, with its cloud-based mortgage software designed to work well on mobile devices. SimpleNexus serves more than 300 independent mortgage banks (IMBs), more than 80 banks and credit unions and more than 41,000 loan originators nationwide, according to the company.
In the November nCino announcement, Naudé said that nCino will work with SimpleNexus to advance the adoption of the homeownership platform by more US banks and credit unions, “where we see great opportunities and great value for current and potential customers of nCino ”.
SimpleNexus officials see great promise in the company’s union with nCino.
SimpleNexus CEO Cathleen Schreiner Gates said in Monday’s statement: “I am confident that together we can accelerate digital transformation in the industry and better serve financial institutions and independent mortgage banks of all sizes. “
Feedback that both entities have received from their clients indicates that the acquisition is a welcome development.
The press release included comments from several bankers.
“NCino and SimpleNexus have both been key partners in our continued growth in commercial banking, mortgages and more,” said Robert Bardusch, Executive Vice President and COO of Valley National Bank, based in New Jersey.