In September of 2022 Payments Cards & Mobile reported on changes that NCR Corporation and its Board of directors had unanimously approved a plan to separate NCR into two independent publicly traded companies in a bid to shore up the companies fortunes and add focus to the units.
The separation into NCR Atleos and NCR Voyix closed in Q4 2023.
Now, NCR says that Veritas Capital, a leading investor at the intersection of technology and government, has signed 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 a 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.
It currently serves more than 1,300 top-tier financial institutions and over 20 million active users.
“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,” said David Wilkinson, CEO of NCR Voyix.
“This transaction allows us to drive value for our shareholders by strengthening our financial position and focusing on our core restaurant and retail customers.”
“The digital-first banking platform is a pioneer in mobile and online banking with a superior value proposition and significant runway for growth,” continued Ramzi Musallam, Chief Executive Officer and Managing Partner of Veritas.
“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.”
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