In a significant strategic move, NCR Voyix, a leading digital commerce firm, announced today the sale of its cloud-based banking business to tech investor Veritas Capital for a substantial $2.45 billion in cash. The deal also includes potential additional contingent consideration of up to $100 million, marking a significant transaction in the fintech industry.
The sale follows recent speculation surrounding NCR Voyix’s exploration of divesting its banking arm. The company, formerly part of NCR Corp before its separation last year, has been focusing on digital commerce while its sister company, NCR Atleos, handles ATMs.
This strategic decision not only allows NCR Voyix to streamline its operations and concentrate on its core competencies in digital commerce but also positions the company for potential growth in this rapidly evolving sector. The sale is expected to significantly reduce the company’s debt burden of $2.4 billion, bolstering its financial position and paving the way for future success.
Veritas Capital, known for its investments in technology and financial services, sees the acquisition as a strategic opportunity to expand its portfolio in the rapidly growing digital banking sector. The firm is optimistic about the significant growth potential of the acquired banking platform, which it believes will be a valuable addition to its investment portfolio.
The transaction, subject to customary closing conditions including regulatory approvals, is expected to be completed by the end of the year, providing a clear roadmap for the stakeholders.
About NCR Voyix
NCR Voyix, a global leader in digital commerce, remains committed to providing innovative solutions to businesses across various industries. Focusing on driving seamless customer experiences, the company’s strategic decision to concentrate on digital commerce reaffirms its dedication to empowering businesses to thrive in the digital age.
About Veritas Capital
Veritas Capital, with its proven track record of successful investments in the technology, healthcare, government services, and national security sectors, is well-positioned to make the most of this strategic opportunity. The firm’s commitment to partnering with management teams to create long-term value instills confidence in the success of this acquisition.