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Real Estate - Commercial

NCino HQ Building Changes Hands; Parking Deck Planned

By Cece Nunn, posted Jan 7, 2021
The headquarters building of cloud banking software firm nCino was purchased Dec. 18 for $16.3 million. (File photo)
A partnership that includes local developers in December purchased the Wilmington headquarters office building of growing fintech company nCino. 

The property is at 6770 Parker Farm Drive behind Mayfaire Community Center. nCino, which provides cloud-based banking software to banks around the world, has additional office space at Mayfaire.

Cloud Real Estate Holdings LLC, managed by Raiford Trask III, Bruce Cameron IV and Dan Smith, bought the more than 90,000-square-foot building for $16.3 million on Dec. 18, according to property tax records and state filings. The seller was Wilmington Investors LLC of Charlotte.

Plans have been submitted to the city of Wilmington to add a five-story parking deck to the property, adjacent to the nCino office, at 6780 Parker Farm Drive, city records show. Trask is listed as the owner/developer. The garage would hold more than 640 spaces.

Neither nCino nor Cloud Real Estate Holdings representatives had a comment Thursday on the sale or parking deck project.

The site plans, labeled "nCino Phase 1 Parking Deck," are expected to be discussed at the city's Technical Review Committee meeting Jan. 28, according to Wilmington's project tracking website.

Founded in late 2011 and spun off of Wilmington-based Live Oak Bank, nCino gained global attention with an IPO in July that valued the company at $7 bilion. 

nCino (Nasdaq: NCNO) has about 700 employees in Wilmington. The firm hired more than 200 people in Wilmington last year, out of 10,000 applications, said nCino CEO Pierre Naudé in September. nCino's average salary is about $100,000.

nCino official reported the company's third-quarter earnings Dec. 9, revealing that total revenues for the third quarter were $54.2 million, a 43% increase from $37.9 million in the third quarter of fiscal year 2020.

“We are very pleased with nCino’s third quarter performance as we again exceeded expectations while successfully rolling out numerous product updates across the nCino Bank Operating System,” Naudé stated in a news release. “We continue to see strong global demand for our platform from financial institutions of all sizes, with several significant deal signings in the third quarter, along with numerous go-lives in the U.S. and international markets.

"With the pandemic further accelerating the demand for digital transformation of financial institutions, our pipeline continues to grow and we are raising our full year guidance. We are excited about the increasing adoption of our cloud-based software across the global financial services industry to meet this demand.”
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