Veritas Capital Completes Acquisition of NCR Voyix's Digital Banking Business, Rebranding Business as Candescent
Veritas Capital ("Veritas"), a leading investor at the intersection of technology and government, announced today that it has completed the acquisition of the Digital Banking business of NCR Voyix Corporation (NYSE:VYX) ("NCR Voyix"), a leading global provider of cloud-based, digital commerce solutions. In conjunction with the close of the transaction, the Digital Banking business has been rebranded as Candescent and is now a privately held company.
Candescent remains the largest independent platform of its kind in the United States and will continue to serve more than 1,300 financial institutions and over 29 million registered users.
As a standalone company, and under the ownership of Veritas, Candescent will focus on continuing to deliver extraordinary customer experiences and leveraging its modern platforms to develop new products to expand its value proposition with both new and existing customers.
Pursuant to the terms of the transaction, which was originally announced on August 6, 2024, Veritas acquired the assets of the NCR Voyix Digital Banking business for a purchase price of $2.45 billion plus future additional contingent consideration of up to $100 million.
Advisors
Goldman Sachs & Co. LLC served as financial advisor and King & Spalding served as legal counsel to NCR Voyix. Evercore served as financial advisor and Gibson, Dunn & Crutcher LLP acted as legal counsel to Veritas. UBS Investment Bank acted as lead financing arranger.
About Veritas Capital
Veritas is a longstanding technology investor with over $40 billion of assets under management and a focus on companies operating at the intersection of technology and government. The firm invests in companies that provide critical products, software, and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. Leveraging technology to make a positive impact across vitally important areas, such as healthcare, education, and national security, is core to the firm. Veritas is a proud steward of national assets, improving the quality of healthcare while reducing cost, advancing our educational system, and protecting our nation and allies. For more information, visit www.veritascapital.com.
About Candescent
Candescent is the largest independent digital banking platform in the United States. With a comprehensive, digital-first product suite, Candescent seeks to elevate the success of our financial institution customers by delivering a seamless experience across the digital and physical banking channels. Candescent currently serves more than 1,300 financial institutions representing more than 29 million registered users. For more information, visit www.candescent.com.
About NCR Voyix
NCR Voyix Corporation (NYSE:VYX) is a leading global provider of digital commerce solutions for the retail and restaurant industries. NCR Voyix transforms retail stores and restaurant systems with comprehensive, platform-led SaaS and services capabilities. NCR Voyix is headquartered in Atlanta, Georgia, with customers in more than 30 countries across the globe.
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Forward-Looking Statements
This release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "target," "seek," "anticipate," "believe," "estimate," "predict," "potential," or "continue" or the negative of these terms or other comparable terminology. These statements include, but are not limited to, express or implied forward-looking statements relating to our expectations regarding the Company's sale of its cloud-based digital banking business, including the estimated proceeds from the sale and the timing of the expected completion of the sale. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results, levels of activity, performance or achievements to differ materially from those contemplated in these forward-looking statements. Investors and others are cautioned not to place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied include our ability to achieve some or all of the expected benefits of the sale of the digital banking business, our ability to perform under our agreements with Veritas Capital, our ability to successfully complete the sale, and the other risks and uncertainties further described in the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K, and in the Company's subsequent Quarterly Reports on Form 10-Q, as well as in the Company's other reports filed with or furnished to the U.S. Securities and Exchange Commission, available at www.sec.gov. Forward-looking statements should be considered in light of these risks and uncertainties. These forward-looking statements speak only as of the date of this Current Report on Form 8-K or as of the date to which they refer, and NCR Voyix assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.
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