Cloud-based core banking provider Nymbus has snapped up Texas-based software provider Sharp BancSystems (SBS).
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With the new acquisition, Nymbus owns $200m of intellectual property, running software in its portfolio.
SBS offers client banks comprehensive integrated banking software solution to meet their multiple IT related needs including core, item processing, online/mobile, ATM/debit card processing, loan and deposit account origination.
In 2014, SBS management recognised the need to rewrite and replace the back-end core system, and on with something more nimble in 2014. SBS and NYMBUS identified each other’s synergies in mid-2015 and were in talks ever since.
"The transaction is the most significant for Nymbus to date, as it continues growing rapidly in expanding its capabilities, geographic footprint and client base nationwide," Nymbus said.
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By GlobalDataNymbus COO and former SBS CEO and shareholder Scott Sharp said: "We’ve always put the customer first, and this partnership will render incredible results for our trusted clients. The functionality that allowed banks to be on the top performing list for all these years is being developed in the NYMBUS core today.
"There are inherent efficiencies built into the single stack application approach with a modern user experience, and there won’t be anything that can touch us in side-by-side comparisons in the very near future."
Nymbus chairman of the board Scott Killoh said: "SBS brings unparalleled banking knowledge and NYMBUS had a platform for rapid application development. This is a perfect partnership in that each party has benefited and, most importantly, so will our valued clients."
The move comes on the heels of Nymbus’ acquisition of credit union service provider KMR.
