- Sale Agreement: NCR Voyix has entered into a definitive agreement to sell its cloud-based digital banking business to private equity firm Veritas Capital for $2.45 billion in an all-cash deal.
- Contingent Consideration: The deal includes a potential additional contingent consideration of up to $100 million.
- Expected Closure: The transaction is expected to close by the end of this year, pending regulatory approval.
- Digital Banking Platform: NCR Voyix’s digital banking platform supports digital transformation for banks, credit unions, and financial institutions, with offerings in digital banking, customer engagement, payments, lending, analytics, compliance, and API solutions.
- Market Presence: The platform is currently used by 1,300 financial institutions and has over 20 million active users.
- Strategic Focus for NCR Voyix: The sale is part of NCR Voyix’s strategy to streamline operations and focus on its core software and services offerings for restaurants and retailers.
- Use of Proceeds: Proceeds from the sale will be used to de-lever the balance sheet and allow for greater strategic investment in NCR Voyix’s core businesses.
- Comments from Leadership: NCR Voyix CEO David Wilkinson stated that the deal would strengthen the company’s financial position, while Veritas CEO Ramzi Musallam noted the growth potential of the digital banking business.
- Previous Connections: This is not the first connection between NCR and Veritas; in July 2022, Veritas was reported to be in talks to acquire NCR Corporation, though that deal did not materialize.
