Cloud banking technology provider nCino has completed the acquisition of SimpleNexus, a cloud-based mobile-first mortgage firm.

The deal included nearly 12.76 million shares of nCino common stock and cash consideration of approximately $270m.

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As per nCino’s initial announcement in November 2021, the deal is valued at approximately $1.2bn.

The acquired firm integrates the various processes of buying a home. This integration enables loan officers, borrowers, real estate agents and settlement agents to engage in the home buying process from any device.

nCino noted that SimpleNexus’ products and mobile-first offerings present new opportunities and greater value to its customers.

It will also enhance nCino’s mobile and point-of-sale offerings across its additional lines of businesses.

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Over 300 independent mortgage banks (IMBs), more than 80 banks and credit unions, and over 41,000 loan originators in the US use SimpleNexus’s services.

nCino CEO Pierre Naude said: “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.”

SimpleNexus CEO Cathleen Schreiner Gates said: “I am confident that together, we can accelerate digital transformation across the industry and better serve financial institutions and independent mortgage banks of all sizes.”

SimpleNexus is expected to contribute between $3.6m and $3.8 in revenues for the fourth quarter ending this month from the closing date of 7 January 2022.