Willkie represented SimpleNexus, a leading developer of mobile-first technology for the modern mortgage lender, in its acquisition by nCino, the worldwide leader in cloud banking.
On November 16, it was announced that nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, has entered into a definitive agreement to acquire Willkie client SimpleNexus in a stock and cash transaction valued at approximately $1.2 billion.
Founded in 2011, SimpleNexus is an award-winning developer of mobile-first technology for the modern mortgage lender. SimpleNexus seamlessly unites the people, systems, and stages of the home buying process into a single end-to-end experience.
The acquisition of SimpleNexus initially expands nCino’s serviceable addressable market by over $4 billion and furthers its competitive position as the single digital banking platform of choice. Similar to nCino, SimpleNexus operates a per-seat subscription-based revenue model, enabling the company to generate financial results that are more predictable, recurring and not based on mortgage transaction volumes.
nCino and SimpleNexus will work together to continue innovating for the IMB community while accelerating the adoption of the SimpleNexus homeownership platform by U.S. banks and credit unions, where nCino currently has over 1,100 customers. The two companies will also work together to leverage SimpleNexus’ consumer front-end technology and domain expertise to accelerate the development of nCino’s mobile and point-of-sale offerings across additional lines of business.
The Willkie deal team was led by partners Morgan Elwyn and Matthew Haddad, and included associates Tai Fukumoto and Matthew Naifeh and law clerk Orlando He.