Technisys, a provider of banking software, is being bought for $1.1 billion. SoFi Technologies, a publicly listed digital personal finance firm, announced on Tuesday that it has signed a formal merger agreement to buy Technisys, a privately held cloud-native, digital multi-product core banking platform based in Miami, for $1.1 billion in shares.
SoFi will leverage Technisys’ platform to roll out personalized financial services to its banking customers, as well as allow other banks and fintech companies to use the platform in its aim to become a one-stop-shop. Currently, the Technisys platform is mostly employed by Latin American banks.
The all-stock deal represents roughly 10% of SoFi’s current market value and will allow the company to operate mobile banking apps, manage deposits, and open accounts. SoFi estimates that the acquisition will generate $800 million in income and $85 million in savings between now and 2025.
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