NCR Voyix Corporation (NYSE: VYX) has recently completed the sale of its digital banking business to Veritas Capital for a significant purchase price of $2.45 billion in cash, with the potential for an additional $100 million in future contingent consideration. This transaction reflects a strategic shift for NCR Voyix, as the company focuses on enhancing long-term value for shareholders by narrowing its attention to its core restaurant and retail businesses.
Under NCR Voyix, the digital banking business experienced substantial growth, with a fully integrated digital-first platform and industry-leading portfolio. Brendan Tansill, CEO of Candescent, the standalone company resulting from the sale, expressed optimism about the future, emphasizing the goal of expanding their value proposition under the new brand.
Candescent, as the largest independent digital banking platform in the United States, aims to elevate the success of its 1,300 financial institution customers, representing over 29 million registered users, through its comprehensive, digital-first product suite and seamless experience across digital and physical banking channels.
NCR Voyix Corporation, a global provider of digital commerce solutions for the retail and restaurant industries, has its headquarters in Atlanta, Georgia, and serves customers in more than 30 countries. The completion of this sale marks a significant development in the company's strategic direction and its commitment to delivering value to its shareholders. The market has reacted to these announcements by moving the company's shares -1.1% to a price of $13.57. For more information, read the company's full 8-K submission here.
