Technology firm nCino in Wilmington, N.C., has agreed to buy U.K.-based Software-as-a-Service platform FullCircl.
The acquirer said in a press release that it will pay $135 million in cash for the SaaS company, though nCino will retain $15 million of the consideration for two years “as security for the performance of certain warranties and covenants.”
The companies first partnered in 2023 to add FullCircl capabilities to nCino’s platform.
The acquisition “will not only enhance our data and automation capabilities, but also enables us to expand our reach across the U.K. and more broadly in Europe with an end-to-end experience for full client lifecycle management,” Pierre Naudé, nCino’s chairman and CEO, said in the release.
“Having worked closely with the FullCircl team for some time now, we recognized the value our joint technology can deliver, and this acquisition marks an exciting step forward in our mission of driving innovation and powering a new era in financial services,” he added.