Core banking software vendor Nymbus makes another acquisition
Acquisitive banking software vendor Nymbus buys fellow supplier SBS
Acquisitive banking software start-up Nymbus takes over yet another fellow vendor, Sharp BancSystems (SBS).
SBS is a long-standing fintech provider in the US, having been set up in Texas back in 1987.
This is Nymbus’ largest acquisition to date – earlier this year, the company bought R. C. Olmstead (RCO) and KMR.
Alex Lopatine, founder and CEO of Nymbus, describes SBS as “a true pioneer in the industry”. SBS provides an integrated suite of banking software solutions – front-to-back office – including core, item processing, online and mobile, ATM/debit card processing, loan and deposit account origination. All this “at extremely competitive pricing”, Nymbus states.
However, a year or so ago SBS realised its core banking system had to be either rewritten or replaced with a newer product. “When it became apparent that significant capital was required, a partnership strategy became an attractive option,” Nymbus explains.
With Nymbus, “there are inherent efficiencies built into the single stack application approach with a modern user experience, and there won’t be anything that can touch us in side-by-side comparisons in the very near future,” states Scott Sharp, former CEO and shareholder of SBS and now COO of Nymbus.
Nymbus’ own core banking system, Smartcore, will replace the outdated core at SBS.
Nymbus says it now owns $200 million of intellectual property.
