New Telegraph 
NCR Voyix has agreed to sell its cloud-based digital banking business to Veritas Capital for $2.45 billion and future additional contingent consideration up to $100 million, according to a press release.
“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 the 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,” he added.
The digital banking platform currently serves more than 1,300 financial institutions and more than 20 million users. NCR sold this platform as part of its streamlining efforts to focus more on its core software and solutions.
“The digital-first banking platform is a pioneer in mobile and online banking with a superior value proposition and significant runway for growth,” Ramzi Musallam, CEO and managing partner of Veritas, said in the release.
“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.”
“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,” Brendan Tansill, EVP and President of Digital Banking for NCR Voyix, said in the release.
“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,” Brendan added.
