a global leader in digital commerce solutions, announced today that it has signed a definitive agreement to sell its cloud-based digital banking business to an affiliate of Veritas Capital (“Veritas”) for $2.45 billion in cash, with an additional contingent consideration of up to $100 million.
“Veritas has a strong track record of executing business carveouts and driving growth. We are excited to collaborate with their experienced team as we continue to innovate in commerce and banking for our customers,” said David Wilkinson, CEO of NCR Voyix.
NCR Voyix’s digital banking platform is the largest independent platform of its kind in the U.S., offering a comprehensive, digital-first product suite. It aims to revolutionize consumer and business digital banking with a seamless, secure, and highly-rated user experience. Serving over 1,300 financial institutions and more than 20 million active users, the platform is poised to expand its market presence and develop new products as a standalone company.
“Veritas is the ideal owner for our digital banking business. They will continue to invest in market-leading products to meet the needs of our financial institution customers,” said Wilkinson. “This transaction strengthens our financial position and allows us to focus on our core restaurant and retail customers.”
Ramzi Musallam, CEO and Managing Partner of Veritas, added, “The digital banking platform is a pioneer in mobile and online banking with significant growth potential. This investment will empower both community and enterprise financial institutions, providing innovative banking tools to millions of users.”
Brendan Tansill, EVP and President of Digital Banking for NCR Voyix, commented, “Our Digital-First solution suite is designed to grow with our customers as their banking strategies evolve. Veritas’s experience in driving growth through business carveouts makes them an excellent partner for us.”
This transaction is part of NCR Voyix’s efforts to streamline operations and focus on its core software and services for restaurants and retailers. The proceeds from the sale will help de-lever the balance sheet and enable greater strategic investment in the Company’s core businesses.
Transaction Details
The transaction, approved by NCR Voyix’s Board of Directors, is expected to close by year-end, pending customary closing conditions and regulatory approvals. Veritas will acquire NCR Voyix’s Digital Banking assets for $2.45 billion, with an additional contingent consideration of up to $100 million.
Conference Call
NCR Voyix will host a conference call and webcast on August 6, 2024, at 8:00 a.m. Eastern Time to discuss the Company’s second-quarter financial results and the transaction details. The webcast and accompanying slides will be available on the Investor Relations section of the Company’s website at https://investor.ncrvoyix.com. A replay of the audio webcast will also be available on the Company’s website after the live event.
More information on the Company’s second-quarter earnings is available on the NCR Voyix Investor Relations section of the Company’s website.
Advisors
Goldman Sachs & Co. LLC served as financial advisor and King & Spalding served as legal counsel to NCR Voyix. Evercore served as financial advisor and Gibson, Dunn & Crutcher LLP is acting as legal counsel to Veritas.
