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■ incino nCino Signs Definitive Agreement to Acquire SimpleNexus November 16 , 2021 Combines leading cloud - based , mobile - first homeownership platform with the nCino Bank Operating System® Expands nCino's point - of - sale and mobile capabilities WILMINGTON , N.C. , Nov. 16 , 2021 ( GLOBE NEWSWIRE ) -- nCino , Inc. ( NASDAQ : NCNO ) , a pioneer in cloud banking and digital transformation solutions for the global financial services industry , today announced it has entered into a definitive agreement to acquire SimpleNexus in a stock and cash transaction valued at approximately $ 1.2 billion . SimpleNexus seamlessly unites the people , systems , and stages of the home buying process into a single end - to - end experience , enabling loan officers , borrowers , real estate agents and settlement agents to manage the homeownership journey in the palm of their hands . " When we first started nCino , our mission was clear : to transform the financial services industry through innovation , reputation and speed . Today , we take another major step forward in executing on that mission by welcoming the talented team at SimpleNexus and their best - in - class , cloud - based homeownership platform into the nCino family , " said Pierre Naudé , Chief Executive Officer of nCino . " Just as nCino has transformed the process for commercial , small business and retail lending , treasury management and account opening , SimpleNexus has streamlined the many stages of the homeownership process into a single , seamless journey . Their innovative solution and deep subject matter expertise in consumer front - end technology will extend our capabilities to the U.S. point - of - sale mortgage space and enhance nCino's mobile and point - of - sale offerings , unlocking additional opportunities and value for our customers and their clients . " SimpleNexus has established itself as a leading digital homeownership software company in the U.S. , serving more than 300 independent mortgage banks ( IMBS ) , over 80 banks and credit unions , and more than 41,000 loan originators nationwide . During the first nine months of 2021 , more than 1 in every 7 mortgage originations in the U.S. leveraged SimpleNexus ' software . Providing a natural expansion of nCino's capabilities to the U.S. point - of - sale mortgage market , the acquisition of SimpleNexus initially expands nCino's serviceable addressable market by over $ 4 billion and furthers its competitive position as the single digital banking platform of choice . Similar to nCino , SimpleNexus operates a per - seat subscription - based revenue model , enabling the company to generate financial results that are more predictable , recurring and not based on mortgage transaction volumes . nCino and SimpleNexus will work together to continue innovating for the IMB community while accelerating the adoption of the SimpleNexus homeownership platform by U.S. banks and credit unions , where nCino currently has over 1,100 customers . The two companies will also work together to leverage SimpleNexus ' consumer front - end technology and domain expertise to accelerate the development of nCino's mobile and point- of - sale offerings across additional lines of business . " This is a truly exciting moment for SimpleNexus , and we are eager to be joining forces with the nCino team , with whom we share similar technology visions , strong cultural alignment and a commitment to taking care of our employees and customers , " said Cathleen Schreiner Gates , Chief Executive Officer at SimpleNexus . " Our industry - leading , mobile - first homeownership platform will complement nCino's Bank Operating System to create even greater value for IMBS and financial institutions across multiple product lines and digital channels . Together , our best - in - class , cloud native platforms will significantly strengthen how we serve our customers . " Details Regarding the Proposed Acquisition nCino will acquire SimpleNexus for approximately $ 240 million in cash and approximately 13.2 million shares of nCino Common Stock , subject to customary adjustments for transactions of this nature . An investor presentation about the transaction is available on the Investor Relations section of nCino's website : https://investor.ncino.com/news- events / events - and - presentations . Additional details and information about the terms and conditions of the acquisition will be available in a Current Report on Form 8 - K to be filed by nCino with the Securities and Exchange Commission . The transaction is expected to close by the end of nCino's fourth fiscal quarter ending January 31 , 2022 and is subject to receipt of regulatory approvals and other customary closing conditions . Advisors BofA Securities is serving as financial advisor to nCino , and Sidley Austin LLP is serving as its legal counsel . Willkie Farr & Gallagher LLP is serving as legal counsel to SimpleNexus . Conference Call Information nCino and SimpleNexus executives will host a conference call at 4:30 p.m. ET today to discuss the details of the transaction . The conference call will be available via live webcast and replay at the Investor Relations section of nCino's website : https://investor.ncino.com/news-events/events- and - presentations . Cautionary Language Concerning Forward - Looking Statements This press release contains forward - looking statements about nCino's expectations , plans , future performance , outlook and prospects regarding the