NCR Voyix Corporation (NYSE: VYX), a global provider of digital commerce solutions, and Veritas Capital, an investor at the intersection of technology and government, announced the signing of a definitive agreement under which an affiliate of Veritas has agreed “to acquire NCR Voyix’s cloud-based digital banking business for $2.45 billion in cash plus future additional contingent consideration of up to $100 million.”
NCR Voyix’s digital banking platform “is currently the largest independent platform of its kind in the United States.”
With the industry’s most comprehensive, digital-first product suite, the business seeks to transform consumer and business digital banking “with a seamless customer experience across channels in simple, secure and top-rated user experience.”
It currently serves more than 1,300 top-tier financial institutions and “over 20 million active users.”
The business is positioned to build “on its strong market presence and leverage its modern platform to win new customers and develop new products to expand its value proposition as a standalone company.”
David Wilkinson, CEO of NCR Voyix said:
“We believe that Veritas, as a leading technology investor, is the ideal owner of our digital banking business, as they will continue to invest in market-leading products and solutions to meet the needs of our valued financial institution customers. This transaction allows us to drive value for our shareholders by strengthening our financial position and focusing on our core restaurant and retail customers.”
Ramzi Musallam, Chief Executive Officer and Managing Partner of Veritas said:
“The digital-first banking platform is a pioneer in mobile and online banking with a superior value proposition and significant runway for growth. We believe the platform represents a compelling opportunity to invest in a set of mission-critical solutions that will empower both community and enterprise financial institutions and provide new and innovative banking tools to millions of users.”
Brendan Tansill, Executive Vice President and President of Digital Banking for NCR Voyix:
“Our Digital-First solution suite has been strategically designed to grow and expand with our customers over time as their retail and business banking distribution and customer engagement strategies evolve. Veritas brings a proven track record of successfully executing similar business carveouts and subsequently driving growth. We look forward to working alongside their experienced team as we continue to pursue commerce and banking innovations that help our customers and their users succeed.”
This transaction is part of the company’s ongoing efforts “to streamline its operations to focus specifically on its core software and services offerings for restaurants and retailers around the world.”
NCR Voyix expects to use the proceeds of the transaction “to accelerate the achievement of certain financial objectives, including de-levering the balance sheet, which will enable greater strategic investment in the Company’s core businesses.”