NCR Voyix Corporation a global provider of digital commerce solutions and Veritas Capital (Veritas), an investor at the intersection of technology and government, have 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 $2.45bn in cash plus future additional contingent consideration of up to $100m.
With a comprehensive, digital-first product suite, the business seeks to transform consumer and business digital banking with a seamless customer experience across channels in a simple, secure and top-rated user experience.
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By GlobalDataNCR Voyix 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, added: “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.”
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.
