NCR Voyix Finalizes Major Digital Banking Business Sale
NCR Voyix Completes Sale of Digital Banking Business
NCR Voyix Corporation (NYSE: VYX), a notable player in the digital commerce solutions market, has recently finalized its long-anticipated sale of the Digital Banking business to Veritas Capital. This transaction was executed for a total consideration of $2.45 billion in cash, with potential future contingent payments of up to $100 million.
A Strategic Focus on Core Operations
The sale signifies a pivotal moment for NCR Voyix as it shifts its strategic direction toward strengthening its core offerings in the restaurant and retail sectors. David Wilkinson, the company's CEO, expressed that this move is not only significant for its current operational structure but also crucial for maximizing long-term shareholder value. He emphasized the intention to streamline operations to foster growth in these key areas.
The Growth of a Standalone Entity
Brendan Tansill, the CEO of Candescent, the new entity that emerged from this acquisition, shared insights on the growth the digital banking platform experienced while under NCR Voyix. He noted that the company has effectively scaled its digital-first platform, establishing itself as a leader in the industry. Candescent is now poised to further enhance its brand and expand its offerings as an independent entity.
About NCR Voyix
NCR Voyix Corporation (NYSE: VYX) stands as a leading global provider of digital commerce solutions specifically tailored for the retail and restaurant industries. By delivering a robust, cloud-based platform along with extensive service capabilities, NCR Voyix empowers its clients to improve customer experiences significantly. With headquarters located in Atlanta, it caters to a diverse customer base across more than 30 countries, facilitating transformative experiences for numerous businesses.
The Emergence of Candescent
Candescent, the largest independent digital banking platform in the nation, is dedicated to revolutionizing the banking experience for financial institutions. With an innovative, digital-first product suite, Candescent aims to enrich the operations of its clients, who include over 1,300 financial institutions and more than 29 million registered users. The commitment to offering a seamless experience across both digital and physical banking channels is central to its mission.
A Promising Future
As Candescent navigates this new path, the focus remains on delivering unparalleled value to its customers while maintaining a dedicated partnership with NCR Voyix. This collaboration reinforces the shared vision of supporting the retail and restaurant sectors while independently advancing the digital banking landscape.
Frequently Asked Questions
What prompted NCR Voyix to sell its Digital Banking business?
The sale aims to allow NCR Voyix to concentrate on enhancing its core business segments in retail and restaurant services, aligning with its long-term strategy.
What is the purchase price for the Digital Banking business?
The Digital Banking business was sold for $2.45 billion in cash, with an opportunity for additional contingent payments of up to $100 million.
Who is the CEO of Candescent?
Brendan Tansill serves as the CEO of Candescent, emphasizing the company's commitment to further growth and enhanced service delivery.
How does NCR Voyix define its service offerings?
NCR Voyix focuses on delivering digital commerce solutions that empower retailers and restaurants to transform customer experiences with innovative technology.
In which sectors does Candescent primarily operate?
Candescent is primarily aimed at enhancing services for financial institutions across digital and physical banking channels, providing a comprehensive digital-first portfolio.
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