Veritas Capital Acquires NCR Voyix’s Digital Banking Business – Finovate

Digital commerce provider NCR Voyix is simplifying its operations this week. The Georgia-based fintech has agreed to sell its cloud-based digital banking business to an affiliate of private equity firm Veritas Capital. Under the terms of the agreement, NCR Voyix will sell its digital banking unit for $2.45 billion in cash plus a future additional installment of up to $100 million, contingent on terms.

The deal is expected to close by the end of 2024.

NCR Voyix launched its digital banking platform in 2014 and has since evolved significantly. The banking suite aims to offer its 1,300 financial institution clients a comprehensive banking environment for their 20 million active retail and commercial banking customers. For retail banking, NCR Voyix provides online and mobile banking, personal financial management, and customer engagement tools. For commercial banking, the platform includes services such as cash management, treasury services, and business banking solutions.

“Our Digital-First solution suite has been strategically designed to grow and expand with our customers over time as their retail and business banking distribution and customer engagement strategies evolve,” said NCR Voyix Executive Vice President and President of Digital Banking Brendan Tansill. “Veritas brings a proven track record of successfully executing similar business carveouts and subsequently driving growth. We look forward to working alongside their experienced team as we continue to pursue commerce and banking innovations that help our customers and their users succeed.”

Veritas’ CEO and Managing Partner Ramzi Musallam said that NCR Voyix’s digital banking platform shows “significant runway for growth.” He added that the purchase represented a significant opportunity to invest in a solution that will empower a range of financial institutions.

For NCR Voyix, the deal is a byproduct of efforts to streamline its operations to focus on its core software and services offerings for restaurants and retailers. The move comes after NCR separated its ATM-focused business from its digital commerce operations in October of 2023.

The company will use the proceeds of today’s deal to accelerate select financial objectives, including de-levering its balance sheet, which will allow for greater strategic investment in NCR Voyix’s core businesses. As company CEO David Wilkinson explained, “This transaction allows us to drive value for our shareholders by strengthening our financial position and focusing on our core restaurant and retail customers.”

Photo by Lukas

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