NCino, Inc. (NASDAQ: NCNO) has recently announced its definitive agreement to acquire Fullcircl, a leading UK-based SaaS platform. The acquisition, valued at $135 million in cash, with an additional $15 million to be retained for two years, is expected to enhance NCino's data and automation capabilities, expanding its reach across the UK and Europe.
The acquisition is aimed at creating an end-to-end client lifecycle management experience, integrating acquisition, onboarding, Know Your Business (KYB), Know Your Customer (KYC), and rules-based monitoring for commercial banks in the UK and across the European continent.
This move comes after NCino and Fullcircl previously partnered in 2023 to bring Fullcircl’s data capabilities into the NCino platform, aiming to improve the speed, efficiency, and compliance with which financial institutions acquire, onboard, and serve clients.
Speaking on the acquisition, Pierre Naudé, Chairman and CEO at NCino, highlighted that the acquisition of Fullcircl is a strategic move that not only enhances data and automation capabilities but also enables the company to expand its reach across the UK and Europe with an end-to-end experience for full client lifecycle management.
Furthermore, Andrew Yates, CEO, and Co-founder at Fullcircl emphasized the close alignment in vision, culture, customers, product, and market opportunity between the two organizations, marking the acquisition as a significant new chapter for Fullcircl as it becomes part of NCino.
NCino plans to provide an update on the financial impact of this acquisition in connection with its third-quarter earnings release.
As a result of these announcements, the company's shares have moved 1.0% on the market, and are now trading at a price of $38.79. Check out the company's full 8-K submission here.
