nCino Completes SimpleNexus Acquisition

nCino acquired SimpleNexus for total consideration of approximately 12.76 million shares of nCino common stock plus cash consideration of approximately $270 million, on a cash-free, debt-free basis and excluding transaction expenses.

“Together, we can enhance the offerings for our customers and strengthen nCino’s position as the worldwide leader in cloud banking,” said Pierre Naudé, CEO of nCino.

“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,” added Cathleen Schreiner Gates, CEO, SimpleNexus.

nCino believes that SimpleNexus’ complementary products and mobile-first offerings will unlock additional opportunities and provide greater value for new and existing customers, including enhancing nCino’s mobile and point-of-sale offerings across additional lines of business.

For the fourth quarter ending January 31, 2022, nCino expects SimpleNexus will contribute between $3.6 and $3.8 million in total revenues from the closing date of January 7, 2022.