NCR said it has completed its acquisition of Digital Insight, the online banking pioneer with its roots deep in the credit union industry.
The Georgia-based ATM maker announced in December it was buying California-based Digital Insight for $1.65 billion in cash, just a few months after a group of private equity investors had bought it from Intuit for $1.025 billion.
Founded Digital Insight in 1995 by two former staffers of credit union core processor XP Systems, the company became one of the first and largest providers of online banking software to credit unions. In 2007 it was sold to Quicken owner Intuit, and in 2010 the Digital Insight name was retired before being restored by Thoma Bravo, the equity firm that bought it in 2013.
“Our acquisition of Digital Insight comes at a time when financial institutions around the world are looking closely at their retail network strategies and searching for an omni-channel consumer experience,” NCR Chairman/CEO Bill Nuti said in his company’s formal announcement late Friday.
"Our financial services business is now uniquely positioned with a market-leading SaaS platform to help banks transform their physical and digital business models. This acquisition strengthens NCR’s branch transformation strategy and positions the company for long-term growth, accelerated margin expansion and earnings appreciation,” Nuti said.
DI has roughly 1,000 financial institution clients, 330 of them credit unions. NCR said it has more than 26,000 employees and does business in 180 countries.