Print
Banking & Finance

NCino Completes Acquisition Of Mortgage Lending Software Provider

By Jenny Callison, posted Jan 10, 2022
Wilmington-based nCino, a cloud banking company, has completed its purchase of SimpleNexus. (File photo)
SimpleNexus, a provider of homeownership software, is officially a part of nCino. The Wilmington-based financial institution software company announced Monday that its acquisition of SimpleNexus is complete.

The transaction, announced in November, was valued at $1.2 billion and consisted of about 12.75 million shares of nCino common stock and about $270 million in cash.

"The combination of nCino and SimpleNexus brings together two best-in-class, cloud-native companies focused on transforming the financial services industry by streamlining and simplifying cumbersome financial processes with innovative, market-leading technology solutions," nCino CEO Pierre Naudé stated in a news release. "Together, we can enhance the offerings for our customers and strengthen nCino's position as the worldwide leader in cloud banking."

Currently, nCino’s Bank Operating System gives financial institutions many ways to streamline their products and services but does not offer digital mortgage services. Enter SimpleNexus, with its cloud-based, mortgage lending software designed to work well on mobile devices. SimpleNexus serves more than 300 independent mortgage banks (IMBs), more than 80 banks and credit unions, and more than 41,000 loan originators nationwide, according to the company.

In nCino’s November announcement, Naudé said nCino would work with SimpleNexus to advance the adoption of the homeownership platform by more U.S. banks and credit unions, “where we see great opportunity and value for both current and prospective nCino customers.”
 
SimpleNexus officials see great promise in the company's union with nCino.

SimpleNexus CEO Cathleen Schreiner Gates said in Monday’s release, "I'm confident that together, we can accelerate digital transformation across the industry and better serve financial institutions and independent mortgage banks of all sizes."

The feedback both entities have received from their customers indicates that the acquisition is a welcome development.

The news release included comments from several bankers.

"nCino and SimpleNexus have both been key partners in our continued growth across commercial banking, mortgages and more,” stated Robert Bardusch, senior executive vice president and chief operating officer of New Jersey-based Valley National Bank. 
Ico insights

INSIGHTS

SPONSORS' CONTENT
Screenshot2022 01 06at338 162234623

Inclusive Connections - Transforming our Community With One Mind

Girard Newkirk - Genesis Block
Mikestonestreetcropped 862150530

Understanding Your Community's Architectural Request Review Process

Mike Stonestreet - CAMS (Community Association Management Services)
Burrus rob headshot 300x300

Economics: The Inflation Surge

Robert Burrus - Cameron School of Business - UNC-Wilmington

Trending News

Wine Retailer Preps For Summer Opening At Renaissance Market

Jenny Callison - May 18, 2022

ILM Hotel Developers Seek 65-foot Height Variance

Johanna F. Still - May 17, 2022

Coffee Shop Owner Plans To Launch Coworking Space In June

Cece Nunn - May 17, 2022

Mortgage Firm Moves To Office At Mayfaire Town Center

Cece Nunn - May 18, 2022

After Delays, Quality Chemical Expansion Construction Could Wrap By Next Year

Johanna F. Still - May 18, 2022

In The Current Issue

Riverlights Preps For More Development

Realtor Kathy Merlo and her husband, Tony, moved to Riverlights two years ago, into a Trusst Builder Group house facing a 38-acre lake....


Owners Taking Fermental To New Level

Fermental is one of Wilmington’s more unique watering holes – a bit quirky, but home to many loyal patrons who appreciate its laid-back atmo...


Local Startups Aim To Innovate

Innovation helps set a startup apart from the competition, said Heather McWhorter, regional director of the UNCW Small Business & Technology...

Book On Business

The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100