Veritas Capital Completes Acquisition of NCR Voyix’s Digital Banking Business, Rebranding Business as Candescent
Veritas Capital has completed the acquisition of NCR Voyix 's Digital Banking business for $2.45 billion, with potential additional contingent consideration of up to $100 million. The acquired business has been rebranded as Candescent and is now a privately held company. Candescent remains the largest independent platform of its kind in the United States, serving over 1,300 financial institutions and 29 million registered users.
As a standalone company under Veritas ownership, Candescent will focus on delivering exceptional customer experiences and developing new products to expand its value proposition. The transaction, originally announced on August 6, 2024, positions Candescent to leverage its modern platforms and continue its growth in the digital banking sector.
Veritas Capital ha completato l'acquisizione del business di Digital Banking di NCR Voyix per 2,45 miliardi di dollari, con un potenziale corrispettivo aggiuntivo di fino a 100 milioni di dollari. L'azienda acquisita è stata ribattezzata Candescent ed è ora una società privata. Candescent rimane la piattaforma indipendente più grande del suo genere negli Stati Uniti, servendo oltre 1.300 istituzioni finanziarie e 29 milioni di utenti registrati.
Come azienda autonoma sotto la proprietà di Veritas, Candescent si concentrerà sulla fornitura di esperienze eccezionali per i clienti e sullo sviluppo di nuovi prodotti per ampliare la propria proposta di valore. La transazione, annunciata originariamente il 6 agosto 2024, posiziona Candescent per sfruttare le sue piattaforme moderne e continuare la sua crescita nel settore della digital banking.
Veritas Capital ha completado la adquisición del negocio de Digital Banking de NCR Voyix por 2.45 mil millones de dólares, con una posible consideración contingente adicional de hasta 100 millones de dólares. El negocio adquirido ha sido renombrado como Candescent y ahora es una empresa privada. Candescent sigue siendo la plataforma independiente más grande de su tipo en los Estados Unidos, sirviendo a más de 1,300 instituciones financieras y 29 millones de usuarios registrados.
Como una empresa independiente bajo la propiedad de Veritas, Candescent se centrará en ofrecer experiencias excepcionales a los clientes y en desarrollar nuevos productos para expandir su propuesta de valor. La transacción, anunciada originalmente el 6 de agosto de 2024, posiciona a Candescent para aprovechar sus plataformas modernas y continuar su crecimiento en el sector de la banca digital.
Veritas Capital는 NCR Voyix의 디지털 뱅킹 사업부를 24억 5천만 달러에 인수했으며, 최대 1억 달러의 추가 조건부 보상 가능성이 있습니다. 인수된 사업부는 Candescent로 이름이 변경되었으며 현재는 사기업입니다. Candescent는 미국 내에서 같은 종류의 독립 플랫폼 중 가장 큰 플랫폼으로, 1,300개 이상의 금융 기관과 2,900만 명의 등록 사용자를 지원하고 있습니다.
Veritas 소속의 독립 기업으로서 Candescent는 탁월한 고객 경험 제공과 가치 제안 확장을 위한 새로운 제품 개발에 집중할 것입니다. 이 거래는 2024년 8월 6일에 처음 발표되었으며, Candescent가 현대 플랫폼을 활용하고 디지털 뱅킹 분야에서 성장을 지속할 수 있도록 하는 데 기여합니다.
Veritas Capital a finalisé l'acquisition de l'activité de Digital Banking de NCR Voyix pour 2,45 milliards de dollars, avec une contrepartie conditionnelle supplémentaire potentielle allant jusqu'à 100 millions de dollars. L'entreprise acquise a été rebaptisée Candescent et est maintenant une société privée. Candescent reste la plus grande plateforme indépendante de son genre aux États-Unis, servant plus de 1 300 institutions financières et 29 millions d'utilisateurs enregistrés.
En tant qu'entreprise autonome sous la propriété de Veritas, Candescent se concentrera sur la fourniture d'expériences client exceptionnelles et le développement de nouveaux produits pour élargir sa proposition de valeur. La transaction, annoncée à l'origine le 6 août 2024, positionne Candescent pour tirer parti de ses plateformes modernes et continuer sa croissance dans le secteur de la banque numérique.
Veritas Capital hat die Übernahme des Digital Banking-Geschäfts von NCR Voyix für 2,45 Milliarden Dollar abgeschlossen, mit einem potenziellen zusätzlichen Bedingungsanspruch von bis zu 100 Millionen Dollar. Das übernommene Geschäft wurde in Candescent umbenannt und ist nun ein Privatunternehmen. Candescent bleibt die größte unabhängige Plattform ihrer Art in den Vereinigten Staaten und bedient über 1.300 Finanzinstitute sowie 29 Millionen registrierte Nutzer.
Als unabhängiges Unternehmen im Besitz von Veritas wird sich Candescent darauf konzentrieren, außergewöhnliche Kundenerlebnisse zu bieten und neue Produkte zu entwickeln, um sein Wertversprechen zu erweitern. Die Transaktion, die ursprünglich am 6. August 2024 bekannt gegeben wurde, positioniert Candescent, um seine modernen Plattformen zu nutzen und weiterhin im Bereich des digitalen Bankings zu wachsen.
- Acquisition valued at $2.45 billion with potential additional $100 million
- Candescent remains largest independent digital banking platform in the US
- Serves over 1,300 financial institutions and 29 million registered users
- Potential for new product development and value proposition expansion
- None.
Insights
The $2.45 billion acquisition of NCR Voyix's Digital Banking business by Veritas Capital marks a significant shift in the digital banking landscape. This deal, with an additional
The newly rebranded Candescent emerges as a major player, serving over 1,300 financial institutions and 29 million users. This scale provides a strong foundation for future growth and innovation. As a standalone entity backed by Veritas Capital, Candescent may benefit from increased focus and investment, potentially accelerating product development and market expansion.
For NCR Voyix, this divestiture could streamline operations and provide substantial cash infusion, potentially strengthening its balance sheet and allowing for strategic reinvestment in core businesses. Investors should monitor how NCR Voyix allocates the proceeds and its revised growth strategy post-divestiture.
The creation of Candescent as an independent entity is a strategic move in the evolving fintech landscape. As the largest independent digital banking platform in the U.S., Candescent is well-positioned to capitalize on the ongoing digital transformation in financial services.
The backing of Veritas Capital, known for its tech-focused investments, could accelerate Candescent's innovation pipeline. We might see enhanced product offerings, improved user experiences and potentially, expansion into adjacent fintech sectors. The company's existing user base of 29 million provides a substantial foundation for upselling new services and attracting additional financial institutions.
However, Candescent will face challenges as an independent entity, including increased competition from both established players and fintech startups. Its success will depend on maintaining its technological edge and adapting to rapidly changing customer expectations in digital banking.
Candescent remains the largest independent platform of its kind in
As a standalone company, and under the ownership of Veritas, Candescent will focus on continuing to deliver extraordinary customer experiences and leveraging its modern platforms to develop new products to expand its value proposition with both new and existing customers.
Pursuant to the terms of the transaction, which was originally announced on August 6, 2024, Veritas acquired the assets of the NCR Voyix Digital Banking business for a purchase price of
Advisors
Goldman Sachs & Co. LLC served as financial advisor and King & Spalding served as legal counsel to NCR Voyix. Evercore served as financial advisor and
About Veritas Capital
Veritas is a longstanding technology investor with over
About Candescent
Candescent is the largest independent digital banking platform in
About NCR Voyix
NCR Voyix Corporation (NYSE: VYX) is a leading global provider of digital commerce solutions for the retail and restaurant industries. NCR Voyix transforms retail stores and restaurant systems with comprehensive, platform-led SaaS and services capabilities. NCR Voyix is headquartered in
Website: https://investor.ncrvoyix.com
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Facebook: https://www.facebook.com/ncrcorp
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LinkedIn: https://www.linkedin.com/company/ncrvoyix/
YouTube: https://www.youtube.com/@ncrvoyix
Forward-Looking Statements
This release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “target,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other comparable terminology. These statements include, but are not limited to, express or implied forward-looking statements relating to our expectations regarding the Company’s sale of its cloud-based digital banking business, including the estimated proceeds from the sale and the timing of the expected completion of the sale. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results, levels of activity, performance or achievements to differ materially from those contemplated in these forward-looking statements. Investors and others are cautioned not to place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied include our ability to achieve some or all of the expected benefits of the sale of the digital banking business, our ability to perform under our agreements with Veritas Capital, our ability to successfully complete the sale, and the other risks and uncertainties further described in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K, and in the Company’s subsequent Quarterly Reports on Form 10-Q, as well as in the Company’s other reports filed with or furnished to the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240930825006/en/
Veritas Capital:
News Media
Prosek Partners
Pro-Veritas@Prosek.com
NCR Voyix:
News Media
Susan Sloan
media.relations@ncrvoyix.com
Investors
Alan Katz
alan.katz@ncrvoyix.com
Source: Veritas Capital
FAQ
What is the new name of NCR Voyix's Digital Banking business after the acquisition by Veritas Capital?
How much did Veritas Capital pay for NCR Voyix's Digital Banking business (VYX)?
When was the acquisition of NCR Voyix's Digital Banking business by Veritas Capital originally announced?
How many financial institutions and registered users does Candescent (formerly NCR Voyix's Digital Banking business) serve?
