SimpleNexus, a provider of homeownership software, is officially a 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 about 12.75 million shares of nCino common stock and about $270 million in cash.
"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," nCino CEO Pierre Naudé stated in a news release. "Together, we can enhance the offerings for our customers and strengthen nCino's position as the worldwide leader in cloud banking."
Currently, nCino’s Bank Operating System gives financial institutions many ways to streamline their products and services but does not offer digital mortgage services. Enter SimpleNexus, with its cloud-based, mortgage lending 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 nCino’s November announcement, Naudé said nCino would work with SimpleNexus to advance the adoption of the homeownership platform by more U.S. banks and credit unions, “where we see great opportunity and value for both current and prospective nCino customers.”
SimpleNexus officials see great promise in the company's union with nCino.
SimpleNexus CEO Cathleen Schreiner Gates said in Monday’s release, "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."
The feedback both entities have received from their customers indicates that the acquisition is a welcome development.
The news release included comments from several bankers.
"nCino and SimpleNexus have both been key partners in our continued growth across commercial banking, mortgages and more,” stated Robert Bardusch, senior executive vice president and chief operating officer of New Jersey-based Valley National Bank.