nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the
global financial services industry, today announced that it has
signed a definitive agreement to acquire DocFox, a leading solution
provider automating onboarding experiences for commercial and
business banking.
DocFox’s technology helps simplify and automate the onboarding
and account opening process for commercial and business banking,
enabling remarkable client experiences. By integrating into nCino,
the combined offering will help enable financial institutions to
unify and intelligently manage the entire client lifecycle across
information intake, document collection and due-diligence on a
single platform, regardless of the entity’s complexity. DocFox has
helped institutions condense complicated and admin-intensive
onboarding processes from weeks to days or even hours.
“Since day one, nCino was developed to help digitize, automate,
and streamline complex processes to create more efficient workflows
and better experiences for financial institutions and their
clients,” said Pierre Naudé, CEO and Chairman of the Board at
nCino. “The acquisition of DocFox extends our existing
functionality and will deliver a modern experience to an area of
commercial and business banking that has lagged in innovation due
to its complexity. We are excited to further extend our single
platform vision and look forward to delivering this differentiating
solution to financial institutions seeking to optimize onboarding
and account opening processes.”
Ryan Canin, DocFox Co-Founder & CEO added, “This is an
exciting moment for DocFox. We’re thrilled to join forces with
nCino and combine our similar visions, cultures, and commitments to
customers and employees, with the goal of delivering technology
that provides real solutions to the industry’s most pressing
challenges. Our leading onboarding and account opening solution
will complement and extend nCino’s single platform to create even
greater value for financial institutions seeking to automate and
digitize the experiences they provide to employees and
clients.”
"Embracing a single, integrated platform, particularly in
commercial or business banking, is more than a technological
upgrade - it's a strategic imperative,” said James Beckwith,
President & CEO, at Five Star Bank. “We are very excited to
implement and integrate nCino and DocFox’s technologies as we seek
to provide an even faster, more simplified, and efficient
experience for our clients. We are also excited for the access
to industry-leading talent, resources, and synergies the
acquisition of DocFox by nCino will bring to the business customer
onboarding and banking solution space. The combination of two key
providers in our technology mix will help provide a distinct
advantage in the marketplace.”
DocFox was founded in 2016 and has over 450 customers across
three continents.
The acquisition of DocFox is expected to close in March 2024.
Keefe, Bruyette & Woods, A Stifel Company served as
financial advisor to DocFox and Wilson Sonsini Goodrich &
Rosati, Professional Corporation served as legal counsel to DocFox.
Sidley Austin LLP served as legal counsel to nCino.
About nCino nCino (NASDAQ:
NCNO) is the worldwide leader in cloud banking. Through its single
software-as-a-service (SaaS) platform, nCino helps financial
institutions serving corporate and commercial, small business,
consumer, and mortgage customers modernize and more effectively
onboard clients, make loans, manage the loan lifecycle, and open
accounts. Transforming how financial institutions operate through
innovation, reputation and speed, nCino is partnered with more than
1,800 financial services providers globally. For more information,
visit www.ncino.com.
About DocFoxDocFox is the leading provider of
commercial bank account opening software that streamlines and
reduces business account opening duration from weeks to hours.
DocFox is the only account opening solution that is purpose-built
for commercial accounts with the mission to create commercial
account opening that banks and their clients love. Founded in 2016,
DocFox has over 400 clients with leading institutions across the
world.
Media Contacts Natalia
Moosepress@ncino.com
Cautionary Language Concerning Forward-Looking
StatementsThis press release contains forward-looking
statements about nCino’s expectations, plans, future performance,
outlook and prospects regarding the benefits that may be derived
from the proposed transaction between nCino and DocFox (“DocFox”)
including, without limitation, with respect to the benefits of
integrating the DocFox technology into the nCino platform, cross
and upsell opportunities, and the expansion of the nCino Cloud
Banking Platform. Forward-looking statements generally include
actions, events, results, strategies and expectations and are often
identifiable by use of the words “believes,” “expects,” “intends,”
“anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,”
“will,” “could,” “might,” or “continues” or similar expressions and
the negatives thereof. Any forward-looking statements contained in
this press release are based upon nCino’s and/or DocFox’s
historical performance and their current plans, estimates, and
expectations and are not a representation that such plans,
estimates, or expectations will be achieved. These forward-looking
statements represent nCino’s expectations as of the date of this
press release. Subsequent events may cause these expectations to
change and, except as may be required by law, nCino does not
undertake any obligation to update or revise these forward-looking
statements.
These forward-looking statements are subject to known and
unknown risks and uncertainties that may cause actual results to
differ materially including, but not limited to, risks related to:
(i) changes in economic conditions, (ii) retaining the employees of
DocFox, (iii) nCino’s ability to successfully integrate the DocFox
business, (iv) the ability to cross-sell the DocFox solution into
the nCino customer base, and (v) possible acquisition-related
liabilities. Additional risks and uncertainties that could affect
nCino’s business and financial results and these forward-looking
statements are included in nCino’s reports filed with the U.S.
Securities and Exchange Commission (available on our web site at
www.ncino.com or the SEC's web site at www.sec.gov). Further
information on potential risks that could affect actual results
will be included in other filings nCino makes with the SEC from
time to time.
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