Digital commerce solutions provider NCR Voyix has signed a definitive agreement with an affiliate of Veritas Capital to sell its cloud-based digital banking business for USD 2.45 billion in cash. As per the information detailed in the press release, NCR Voyix and Veritas signed a definitive agreement under which an affiliate of the latter is set to acquire the company’s cloud-based digital banking business for nearly USD 2.45 billion in cash, as well as an additional contingent consideration of up to USD 100 million.

According to NCR Voyix’s officials, the decision to sell intends to enable the firm to increase shareholder value by solidifying its financial position and centring its efforts on its core restaurant and retail customers. In addition, the transaction is part of NCR Voyix’s commitment to simplifying its operations and specifically focusing on its core software and service offerings for its users globally. The firm plans to leverage the sale proceeds to accelerate the achievement of several financial objectives, including de-levering the balance sheet, which is set to allow expanded strategic investment in its core business.

NCR Voyix’s digital banking platform features As an independent platform operating across the US, NCR Voyix’s solution intends to enable the firm to advance consumer and business digital banking via an optimised customer experience across channels. At the time of the announcement, the platform served nearly 1,300 financial institutions and over 20 million active users, with the business being positioned to develop its market presence and utilise its capabilities to gain additional customers and design new products. Moreover, representatives from Veritas underlined that NCR Voyix’s platform represents an opportunity to invest in a suite of solutions that can support both community and enterprise financial institutions and offer new banking tools to users. Also, NCR Voyix mentioned that Veritas previously executed similar businesses and increased their growth.

The company intends to work alongside Veritas’ team to continue to pursue commerce and banking advancements that support customers and their users. .