Alkami Technology has agreed to buy Fin Technologies, which does business as MANTL.
Alkami said in a press release that it is buying MANTL for an enterprise value of $400 million. The deal, which is expected to close on March 31, is subject to about $7 million of purchase price adjustments.
Alkami said it plans to fund the deal with about $380 million in cash, along with restricted stock units with an estimated value of $13 million. MANTL will operate as a standalone brand and a separate business unit.
MANTL is an account-opening and onboarding platform that lets financial institutions obtain commercial, business and retail clients. The company has 112 financial institution clients on its platform, ranging in size from $80 million to over $20 billion in assets.