Global provider of digital commerce solutions NCR Voyix has sold its cloud-banking business to Veritas Capital for $2.45 billion in cash.

The transaction also includes future additional contingent consideration of up to $100 million.

Headquartered in Atlanta, US, NCR Voyix offers platform-led SaaS and digital banking services and solutions with a focus on retail and hospitality industries.

NCR Voyix’s digital banking platform currently serves more than 1,300 financial institutions and over 20 million active users. 

It provides a digital-first product suite aiming to facilitate consumer and business digital banking.

With over $40 billion of assets under management, Veritas seeks investment opportunities in companies that provide critical products, software, and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide.

Following the deal, Veritas aims to further support its business growth as it continues to build its market presence, with a particular focus on using its banking platform to consolidate its product offering in order to expand its client base.

This transaction also aims to streamline the digital platforms’ operations to focus specifically on its core software and services offerings for restaurants and retailers.

“We believe the platform represents a compelling opportunity to invest in a set of mission-critical solutions that will empower both community and enterprise financial institutions and provide new and innovative banking tools to millions of users.” said Ramzi Musallam, chief executive and managing partner of Veritas.

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