US-based software firm Q2 Holdings has completed its previously announced acquisition of Lender Performance Group (PrecisionLender), a commercial banking solutions provider.
Under the agreed terms, Q2 paid $510m as consideration.
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Based in North Carolina, PrecisionLender is a software-as-a-service (Saas) provider delivering its banking clients with actionable insights to drive business.
PrecisionLender platform is equipped with a machine learning tool called Andi. It provides banks with actionable, real-time and data-driven insights in negotiating commercial lending transactions.
Around 150 banks globally are said to use the platform.
Last month, Q2 signed a definitive agreement to acquire PrecisionLender to complement its portfolio of digital transformation solutions for commercial banks.
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By GlobalDataThe deal also bolsters Q2’s capabilities in delivering end-to-end digital banking transformation solutions.
Q2 CEO Matt Flake said: “We are thrilled with the outstanding talent, culture and industry expertise the PrecisionLender team brings to the Q2 family.
“We are also excited about the potential we have to help our customers improve margins, profitability and the quality of their relationship with their key accounts using our combined data insights and commercial banking solutions.”
PrecisionLender co-founder Carl Ryden said: “The PrecisionLender team is excited to be a part of Q2 and will continue to operate as it has with additional infrastructure and support from Q2 to advance our product offerings.
“We are looking forward to joining forces with the amazing talent and culture at Q2.”
Headquartered in Texas, Q2 delivers digital banking solutions for deposits, lending, leasing, and money transfers among others.
It also supports financial institutions with actionable data analytics and open technology tools.
In September, Q2 teamed up with Socure to equip its CorePro platform with AI-based KYC identity risk scoring solution.
