Digital commerce solutions provider NCR Voyix has completed the sale of its cloud-based digital banking business to an affiliate of Veritas Capital in an all-cash deal worth $2.45bn.
The transaction also includes contingent payment of up to $100m in the future.
The business involved in the sale has a digital-first product portfolio aimed at transforming consumer and business banking. It is said to deliver a seamless, secure, and top-rated user experience across all channels.
Currently, it serves over 1,300 top-tier financial institutions and more than 20 million active users.
Following the completion of the deal, the digital banking business has been rebranded as Candescent and has become a privately held company.
As an independent company, under the ownership of Veritas, Candescent plans to continue to offer better customer experiences. It will also utilise its modern platforms to create new products to expand its value proposition with both new and existing customers.
Candescent CEO Brendan Tansill said: “As a part of NCR Voyix, we were able to significantly scale our fully integrated digital-first platform and industry-leading portfolio over the last several years and emerge as the market leader in our space.
“We look forward to continuing our growth journey as we expand our value proposition as a standalone company under our new brand, Candescent.”
Initially announced in August 2024, the transaction was in line with NCR Voyix’s ongoing strategies to streamline operations to focus specifically on its core software and services offerings for restaurants and retailers globally.
For the transaction, Goldman Sachs & Co was the financial adviser while King & Spalding served as legal counsel to NCR Voyix. Evercore acted as financial adviser and Gibson, Dunn & Crutcher was the legal counsel to Veritas Capital.
NCR Voyix was originally part of NCR before the latter split into two separate publicly traded companies in 2023. Currently, NCR Voyix focuses on digital commerce while the other entity NCR Atleos specialises in automatic teller machines (ATMs).
