Digital Insight Sold to NCR
Just a couple months after Intuit sold it to a private equity outfit, Digital Insight has been sold again, this time to ATM giant NCR Corp. in Duluth, Ga.
The $1.65 billion transaction was announced late Monday by NCR. California-based Intuit had sold the online banking pioneer, founded by credit union core processing veterans in 1995, for $1.025 billion in August.
The new majority owner, Chicago and San Francisco-based Thoma Bravo, changed the name of the provider of online banking software to more than 330 credit unions – among its customer base of about 1,000 financial institutions and 12 million end users – back to Digital Insight from Intuit Financial Services.
In the same announcement, NCR said it bought Alaric Systems Ltd., a London-based provider of secure transaction switching and fraud prevention software, for about $84 million.
NCR said the two acquisitions will allow NCR to form what it said will be a complete enterprise software platform that will deliver its services across all digital and physical channels.
“The combination will help retail banks and other financial institutions reduce legacy costs and enable solutions for new, more nimble branches, by providing one platform for omni-channel services and all payment and transaction types,” the announcement said.
IFS’s digital banking operations originated as Digital Insight in 1995, the year it was founded by two former staffers of credit union core processor XP Systems. In 2007 it was sold to Quicken owner Intuit and in 2010 the Digital Insight name was retired.
"We have an opportunity to enable differentiated consumer experiences through safe, secure, and integrated transactions across every banking touch point,” said Andy Heyman, senior vice president, NCR Financial Services.
”We will help financial institutions to reduce costs, serving as a single solutions provider for ATM, branch, mobile, commerce and internet banking services, as well as the payments and processing infrastructure behind those experiences,” Heyman said.