Technisys’ shareholders will receive aggregate consideration of approximately 84 million shares of SoFi common stock, less than 10% of SoFi’s fully diluted share count as of 30 September 2021, subject to customary adjustments set forth in the Merger Agreement. These shares have an aggregate value of approximately USD 1.1 billion. The transaction is expected to close by the second quarter of 2022, subject to the satisfaction of closing conditions.
The combined technology stack will create what is expected to be an end-to-end vertically integrated banking technology stack, from user interface development capabilities to a customizable multi-product banking core and ledger with integrated processing and card issuing available for SoFi products and Galileo/Technisys partners.
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