SoFi to Acquire Technisys Banking Software Firm for $1 Billion
Summary
The deal, which is roughly about 10% of SoFis market value, is set to give the firm control over Technisys’ platform and back-end technology used to keep track of customer deposits, manage user accounts and power banking apps. Moreover, Noto elaborated about the takeover: “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. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. Read this Term cloud services.” SoFi has recently embraced deal making strategies in order to move beyond its roots as a lender that focused on refinancing student debt. The firm will also be able to enhance its financial products and services to ensure they efficiently meet the needs of its members, business partners and communities across the country while continuing to uphold high regulatory standards and compliance.
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