Digital commerce firm NCR Voyix has found a buyer for its cloud-based banking business.
Tech investor Veritas Capital has agreed to purchase the banking platform for $2.45 billion in cash, along with “future additional contingent consideration” of up to $100 million, NCR Voyix announced Tuesday (Aug. 6).
“We believe that Veritas, as a leading technology investor, is the ideal owner of our digital banking business, as they will continue to invest in market-leading products and solutions to meet the needs of our valued financial institution customers,” David Wilkinson, CEO of NCR Voyix, said in a news release.
“This transaction allows us to drive value for our shareholders by strengthening our financial position and focusing on our core restaurant and retail customers.”
The release notes that the banking platform is the largest independent platform of its kind in the U.S., serving more than 1,300 financial institutions and 20 million-plus active users.
“The digital-first banking platform is a pioneer in mobile and online banking with a superior value proposition and significant runway for growth,” said Ramzi Musallam, Veritas CEO and managing partner. “We believe the platform represents a compelling opportunity to invest in a set of mission-critical solutions that will empower both community and enterprise financial institutions and provide new and innovative banking tools to millions of users.”
The announcement comes a little more than a month after reports that NCR Voyix was exploring the sale of its banking business, and had gotten interest from two buyout firms.
NCR Voyix was once part of NCR Corp before that company split itself into two companies in 2023: Voyix handles digital commerce, while NCR Atleos is focused on automatic teller machines (ATMs).
According to a report by Reuters, NCR Voyix has lost roughly 20% of its value since it began trading as a standalone company last year and — as of early July — had a market capitalization of about $4.6 billion, including debt.
PYMNTS CEO Karen Webster spoke recently with Brendan Tansill, NCR Voyix’s president of digital banking, about his approach to the industry.
“Our software development kits integrate data that maximizes the capabilities of our platform and integrates partner capabilities as tightly as possible,” embedded in NCR’s broader banking offerings, Tansill said. “We’ve spent a lot of time curating a marketplace, and we spend a lot of time talking about the concept of extensibility … We want to be a business that is easy to do business with.”
