US-based financial technology company nCino, which offers cloud-based software for financial institutions, is reportedly considering its options, including a potential divestiture, following the receipt of takeover interest from private equity firms.
The company’s board of directors has been in discussion about creating a special committee to examine the expressions of interest in a deal and determine its next steps, reported Reuters, citing sources with knowledge of the matter.
According to the news agency, Insight Partners, a private equity firm that holds close to 35% of nCino, has not decided yet if it would take part in any potential deal or opt cash out.
Headquartered in North Carolina, nCino is said to help over 1,850 financial enterprises in addressing business challenges, digitising processes, and improving the customer experience through its cloud-based banking platform.
The company was founded in 2011 by a team of bankers and entrepreneurs and in 2020, it commenced trading on Nasdaq.
NCino specialises in bank operating system, cloud banking software, banking regulation and compliance, and loan origination.
Besides, the firm assists financial companies to cut down costs by enhancing employee productivity and efficiency in the areas of onboarding, loans, and deposits along with assuring regulatory compliance.
The sources have requested anonymity and informed that no deal is certain, reported the publication.
Earlier this month, US-based Copado partnered with nCino to provide financial institutions with DevOps tools.
Through the collaboration, the firms intended to deliver tools for continuous integration, and non-stop delivery along with the automated testing of nCino features and functionality of the nCino cloud banking platform.
