Print
Banking & Finance

NCino Buys South African Company For $75M

By Audrey Elsberry, posted Mar 19, 2024
nCino, headquartered at 6770 Parker Farm Drive, acquired DocFox, a South African onboarding software company for $75 million. (File photo)
Financial technology company nCino announced the $75 million acquisition of DocFox, an onboarding service provider for commercial and business banks.

DocFox, based out of Johannesburg, South Africa, automates the onboarding and account opening process for banks, according to Monday’s release by nCino officials. The software will be integrated into nCino’s tech stack to help financial institutions offer a wider range of services to their clients.

nCino has always been dedicated to digitizing and automating complex banking processes to increase efficiency, the company’s chief executive officer and board chair Pierre Naudé said in the release. The acquisition of Docfox will help add a modern experience to the onboarding process, something that has “lagged in innovation due to its complexity,” he stated.

The Wilmington-based fintech follows a “buy, build, or partner” model, a nCino spokesperson told the Business Journal. When deciding to acquire a company, nCino officials calculate whether the service is something they could build, buy or partner with to integrate. Company officials are constantly surveying the market for opportunities, they said.

“DocFox’s proven offering helps accelerate our ability to fulfill our single platform vision and allows us to deliver value to customers sooner while minimizing shifts to our existing product roadmap,” stated the spokesperson, “This acquisition is focused on technology and talent, not property.”

Gregory Orenstein, nCino’s chief financial officer, secured a revolving credit facility with Bank of America of up to $100 million in February 2022, which is intended to fund the $75 million cash price for the acquisition of DocFox, according to filings under the Securities and Exchange Commission. 

Naudé is currently visiting South Africa, where the majority of DocFox’s employees are based, facilitating the transition, according to the spokesperson. The plan is to expand DocFox’s momentum in Africa and accelerate its expansion to further enter the United States market. DocFox's U.S. headquarters is in Miami. 

The release included a statement from commercial banking company Five Star Bank’s James Beckwith, who stated Five Star will be implementing nCino and DocFox technologies.

DocFox was founded in 2016 and serves 450 customers across three continents, the release stated. The acquisition is expected to close this month. Keefe, Bruyette & Woods, a Stifel Company, served as a financial advisor and Wilson Sonsini Goodrich & Rosati Professional Corporation served as legal counsel to DocFox. nCino was represented by legal firm Sidley Austin LLP.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Jordain 422430214

Why Messing Up is Essential for Business and How to Do it More

Jordan Cain - APPROVE
Mcwhorter 0005

The Coastal Corridor is Helping Wilmington Startups With Connected Devices for Life Sciences Industry

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship
Untitleddesign5

The Impact of a Growth Mindset

John Monahan - Vistage

Trending News

Riverlights Could Add 73 More Townhomes To Mix, Site Plans Show

Staff Reports - Apr 18, 2024

Game Over For Michael Jordan Museum At Project Grace

Audrey Elsberry - Apr 19, 2024

City Approvals Push Forward Plans For Former Wilmington Fire Stations

Emma Dill - Apr 17, 2024

Surf City Embarks On Park’s Construction

Cece Nunn - Apr 19, 2024

Taking Marine Science On The Road

Lynda Van Kuren - Apr 19, 2024

In The Current Issue

Info Junkie: Lydia Thomas

Lydia Thomas, program manager for the Center for Innovation and Entrepreneurship at UNCW, shares her top info and tech picks....


Surf City Embarks On Park’s Construction

“Our little town, especially the mainland area, is growing by leaps and bounds. So having somewhere else besides the beach for kids to go an...


MADE: Makers Of Important Papers

W.R. Rayson is a family-owned manufacturer and converter of disposable paper products used in the dental, medical laboratory and beauty indu...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season