Cloud banking provider nCino to acquire mortgage neolender SimpleNexus
Cloud banking provider nCino is to acquire SimpleNexus, a mobile-first mortgage lender, in a stock and cash transaction worth approximately $1.2 billion.
SimpleNexus is a digital mortgage platform
North Carolina-based nCino says the acquisition will allow for a “natural expansion” of the digital banking platform’s capabilities to tap into the US point-of-sale mortgage market.
The firm says it will leverage SimpleNexus’ consumer front-end technology to accelerate its mobile and point-of-sale offerings across additional lines of business.
nCino will acquire SimpleNexus for around $240 million in cash and approximately 13.2 million shares of nCino stock, with the deal expected to close by the end of January 2022.
nCino CEO Pierre Naudé says the acquisition of the homeownership software company will help to “enhance nCino’s mobile and point-of-sale offerings”.
SimpleNexus is a unified end-to-end digital platform for loan officers, borrowers, real estate agents and settlement agents to manage the homeownership and mortgage origination process.
The firm claims more than one in seven mortgages in the US used SimpleNexus software in the first nine months of this year.
