- 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.
NCR Voyix agrees to sell digital banking unit to Veritas Capital for $2.45bn
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