NCR Voyix has completed the sale of its digital banking unit, the company said in a Monday (Sept. 30) news release.
The unit was sold to Veritas Capital for $2.45 billion in cash, along with the potential for additional contingent consideration of up to $100 million, the company said in the release. Rebranded as Candescent, the digital banking unit is now a privately held company, according to a Monday report from Yahoo.
“The completion of this transaction represents a significant step forward for the Company as we narrow our focus on our core restaurant and retail businesses to drive enhanced long-term value for shareholders,” David Wilkinson, CEO of NCR Voyix, said in a statement.
“As a part of NCR Voyix, we were able to significantly scale our fully integrated digital-first platform and industry-leading portfolio over the last several years and emerge as the market leader in our space,” Brendan Tansill, CEO of Candescent, said. “We look forward to continuing our growth journey as we expand our value proposition as a standalone company under our new brand, Candescent.”
NCR Voyix first announced the separation in August, according to a PYMNTS report at the time.
According to that report, NCR Voyix said that the banking platform is the largest independent platform of its kind in the U.S., serving more than 1,300 financial institutions and 20 million-plus active users.
As Candescent branches out on its own, community banks are becoming a foothold for small to medium-sized businesses (SMBs) to navigate an uncertain economy.
That’s according to NCR Voyix’s Chief Product Officer Doug Brown, who spoke to PYMNTS in an interview published earlier this month discussing how community banks can help SMBs thrive.
“The community banker is the one that has your best interest at heart, has demonstrated propensity to show you how to manage difficult times,” he said.
Brown noted that financial institutions can help SMBs by educating them about how to best leverage technology to manage their cash flow.
“To make a real difference,” he said, “everything needs to be contextualized, and this is where the advisory nature of the relationships matter.”
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