Wilmington-based financial technology company nCino agreed to buy FullCircl, a London-based software as a service (SaaS) platform, for $135 million.
FullCircl sells a platform that helps clients manage and serve clients, which will add data capabilities to nCino’s cloud banking business. The companies formed a partnership in 2023 and they have several mutual customers, including some large financial institutions in the United Kingdom along with others service small and medium enterprises.
“The acquisition of FullCircl is a strategic move for nCino that will not only enhance our data and automation capabilities but also enable us to expand our reach across the UK and more broadly in Europe with an end-to-end experience for full client lifecycle management,” CEO Pierre Naudé stated in a release.
FullCircl and nCino both “serve regulated industries who walk a tightrope between a strict operating rulebook and a mandate to deliver growth and shareholder value, all while providing a seamless client experience,” CEO Andrew Yates said.
nCino will retain $15 million of the purchase price for two years after the close of the transaction as security for the performance of certain warranties and covenants arising under the purchase agreement, according to the release.
In March, nCino agreed to buy DocFox, a South Africa-based onboarding service provider for commercial and business banks, for $75 million. In early 2022, nCino completed its acquisition of SimpleNexus, a provider of homeownership software. That deal was valued at $1.2 billion, including 12.75 million shares of nCino common stock and about $270 million in cash.
Founded in 2012, nCino has more than 1,800 customers around the world. Its shares have gained about 33% in the past year and the company has a market valuation of about $4.3 billion.