NCR, a consumer transaction technology firm, has completed its previously announced acquisition of Digital Insight, an online and mobile banking technology company, for approximately $1.65bn.
Commenting of the acquisition, NCR chairman and CEO Bill Nuti said the acquisition of Digital Insight comes at a time when financial institutions around the world are looking closely at their retail network strategies and searching for an omni-channel consumer experience.
"Our Financial Services business is now uniquely positioned with a market-leading SaaS platform to help banks transform their physical and digital business models.
"This acquisition strengthens NCR’s branch transformation strategy and positions the Company for long-term growth, accelerated margin expansion and earnings appreciation, Nuti added.
The enterprise software platform will deliver a unique consumer experience across all digital and physical channels – mobile, online, branch, and ATM, according to NCR.
The combination will help retail banks and other financial institutions to reduce legacy costs and provide one platform for omni-channel services and all payment and transaction types.
RBC Capital Markets served as lead financial advisor to NCR, while JPMorgan and BofA Merrill Lynch were financial advisors. Womble Carlyle Sandridge & Rice worked as legal counsel to NCR on the transaction.
In January 2013, NCR acquired Utah-based video banking software company uGenius Technology, in a bid to boost its market penetration for APTRA Interactive Teller technology.
Headquartered in Duluth, Georgia, NCR manages business in 180 nations with over 26,000 employees.
Image: NCR office buildings in Augsburg, Germany. Photo: Courtesy of Neitram.