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
Katiebraskett web

June 2022 Freight Market Update

Katie Braskett - MegaCorp Logistics
Billcoleman lopw headshot

Reaping The Benefits Of Patience

Bill Coleman - Live Oak Private Wealth
Earuth300x300

Protecting the American Dream

Ea Ruth - Cape Fear REALTORS®

Trending News

Wilmington-based Firm Buys Carolina Beach Motel For $5M

Cece Nunn - Jun 24, 2022

Fit4Life Health Clubs To Open Two Gyms As Upgrades Continue

Johanna Cano - Jun 24, 2022

In The Current Issue

Developers Share Project Indigo Update

For Project Indigo, developers have been gathering input from the city of Southport as city officials head toward considering measures that...


Cruises Can Spark Return Trips

While Charleston and many Florida cities are well-known for being popular ports of call for cruise lines, few people realize that Wilmington...


Safety On The Cellular Level

The origin of Cygnus Technologies, a company that provides analytical products to the pharmaceutical and biotechnology industry, can be trac...

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