The sum entails a USD 240 million cash payment and approximately 13.2 million shares of nCino common stock, nCino said.
nCino, a publicly traded financial tech company that specializes in cloud banking, said that its decision to purchase SimpleNexus is a natural expansion of the company into the point-of-sale mortgage market. The transaction will broaden nCino’s serviceable addressable market by over USD 4 billion.
Additionally, nCino noted that SimpleNexus operates a “per-seat subscription-based revenue model, enabling the company to generate financial results that are more predictable, recurring and not based on mortgage transaction volumes.”
SimpleNexus, founded in 2011, is a homeownership platform that streamlines the mortgage experience for more than 300 independent mortgage banks, over 80 depository banks and credit unions, and more than 41,000 loan originators nationwide.
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