SoFi said in a press release Tuesday that it will pay about $1.1 billion in stock for Miami-based Technisys. The deal is expected to close in the second quarter.
“Technisys has built an attractive, fast-growth business with a
unique and critical strategic technology that all leading financial services
companies will need in order to keep pace with digital innovation,” Anthony
Noto, SoFi’s CEO, said in the release.
The acquisition “is an essential building block in delivering on
our member-centric, digital one-stop-shop experience,” Noto added. “Technisys
has emerged as a proven leader in Gen 3 multi-product banking core technology.”
The deal is expected to add $500 million to $800 million of
revenue through the end of 2025. Related moves should lower SoFi’s expenses by
$75 million to $85 million from 2023 to 2025 and by $60 million to $70 million
annually beginning in 2026.
Technisys is expected to operate as an independent unit with Miguel
Santos remaining as its CEO.
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