NCino to Acquire DocFox in Bid to Streamline Commercial Banking

By Tamara Parker • Monday, March 18 15:16 • Permanent Link

NCino, Inc. (NASDAQ: NCNO) has just announced its definitive agreement to acquire DocFox, a leading solution provider in automating onboarding experiences for commercial and business banking. This acquisition aims to simplify, automate, and drive efficiency across the onboarding and account opening experience for commercial and business banking, expanding NCino’s solution to help financial institutions unify processes and serve clients end-to-end on a single platform.

DocFox, founded in 2016, has over 450 customers across three continents. The acquisition of DocFox by NCino is expected to close in March 2024.

NCino's CEO, Pierre Naudé, highlighted that the acquisition of DocFox extends their 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. This move is in line with NCino's vision to digitize, automate, and streamline complex processes to create more efficient workflows and better experiences for financial institutions and their clients.

The press release also features commentary from James Beckwith, President & CEO at Five Star Bank, who expressed excitement about implementing and integrating NCino and DocFox’s technologies to provide a faster, more simplified, and efficient experience for their clients.

Additionally, Ryan Canin, DocFox co-founder & CEO, emphasized the alignment of visions, cultures, and commitments to customers and employees between DocFox and NCino, with the goal of delivering technology that provides real solutions to the industry’s most pressing challenges.

The press release does not explicitly mention specific financial metrics or changes in performance since the last period. However, it does highlight the strategic importance of embracing a single, integrated platform, particularly in commercial or business banking, and the potential advantages that the acquisition of DocFox by NCino will bring to the business customer onboarding and banking solution space.

The press release also notes the involvement of financial advisor Keefe, Bruyette & Woods for DocFox and legal counsels Wilson Sonsini Goodrich & Rosati for DocFox and Sidley Austin LLP for NCino in the acquisition process.

NCino is a worldwide leader in cloud banking, partnering with more than 1,800 financial services providers globally. This acquisition reflects the company's commitment to innovation, reputation, and speed in transforming how financial institutions operate. The market has reacted to these announcements by moving the company's shares 1.9% to a price of $30.12. For more information, read the company's full 8-K submission here.

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