Virtual banking solutions provider Q2 Holdings has acquired Des Moines, Iowa-based financial services software firm Social Money.
Under the deal, Q2 purchased all of the outstanding interests of Social Money for $10.6m in cash.
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The takeover of Social Money, which represents Q2’s second acquisition deal in 2015, will empower Q2 in the direct-to-digital arena.
Q2 plans to roll out a rebranded suite of Social Money technologies to its customers from 2016.
Meanwhile, Social Money will continue its relationship with existing clients as well as work directly within Q2’s research and development team to develop innovative products for its digital banking channels.
Commenting on the deal, Q2 president and CEO Matt Flake said: "Social Money’s technology portfolio and expertise make this a strategic acquisition that will help Q2’s customers expand their reach, grow market share and engage account holders.
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By GlobalData"The digital banking experience matters when it comes to reaching millennials and retaining existing account holders. We are committed to providing community financial institutions innovative technology specifically designed for the increasingly digital modern consumer, and I believe the addition of Social Money will help us do just that."
