- Expands Q2’s commercial banking solution offerings and total
addressable market
- Leverages actionable, real-time data to drive better outcomes
and greater innovation for banks
- Combines world-class leadership, talent and cultures
Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital
transformation solutions for banking and lending, today announced a
definitive agreement to acquire Lender Performance Group LLC
(“PrecisionLender”) in a cash transaction valued at approximately
$510 million, subject to certain closing conditions. Based in
Charlotte, North Carolina, PrecisionLender is one of the fastest
growing enterprise SaaS providers of data-driven sales enablement,
pricing and portfolio management solutions for financial
institutions (FIs) globally.
PrecisionLender’s innovative data-driven platform is enhanced by
Andi®, a digital enterprise coach powered by machine learning.
PrecisionLender’s market-proven platform is used by approximately
150 banks globally to structure and negotiate commercial lending
transactions, providing Andi with access to pricing and
profitability data on millions of customer relationships and more
than $1.7 trillion of transactions annually. With this unparalleled
data, Andi® empowers bankers with actionable, real-time,
data-driven insights and coaches commercial bankers to achieve
better outcomes for their banks and their customers.
“The combination of PrecisionLender, Cloud Lending and our
expanding corporate banking capabilities position Q2 as the leader
in digital transformation solutions for commercial banking,” said
Matt Flake, CEO of Q2. “We are excited to help our customers use
our combined data insights to build lasting relationships with
their customers and are thrilled with the outstanding leadership,
culture and talent that PrecisionLender will bring to the Q2
family.”
The acquisition of PrecisionLender solidifies Q2’s position as a
trusted partner capable of designing, delivering and operating
complex, end-to-end digital banking transformation solutions.
Utilizing solutions spanning banking-as-a-service, account
onboarding, consumer and corporate digital banking and now loan
pricing, fulfillment and servicing, Q2 will help FIs develop deeper
client relationships, realize value creation, improve margins and
increase overall profitability associated with strategic digital
initiatives.
“At its core, our technology helps bankers win better deals,
create stronger relationships with customers and ultimately, build
more valuable brands for themselves and their banks,” said Carl
Ryden, CEO and co-founder of PrecisionLender. “Our company is built
on a few simple ideas: to be helpful; be humble; be human and be
honest, and Q2 operates with similar values. The PrecisionLender
team is excited to join forces with the amazing talent and culture
at Q2.”
Q2 will continue to operate PrecisionLender in the manner that
has made it a leader in an emerging market for sales enablement,
optimal pricing and portfolio management for commercial lenders,
while also providing the additional infrastructure and support to
advance its customers’ product offerings.
Below are conference call details for a call to discuss the
transaction:
Date:
Oct. 1, 2019
Time:
10:30 a.m. EDT
Hosts:
Matt Flake, CEO and President /
Jennifer Harris, CFO / Carl Ryden, CEO and Co-Founder
PrecisionLender
Dial in:
U.S. toll free:
1-833-241-4254
International: 1-647-689-4205
Conference ID:
1678399
A live webcast of the conference call and the associated slide
presentation will be accessible on the investor relations section
of the Q2 website at http://investors.q2ebanking.com/. An archived
replay of the webcast will be available at this website on a
temporary basis shortly after the call.
Jefferies LLC acted as financial advisor to Q2, and DLA Piper
LLP (US) served as Q2’s legal advisor. William Blair & Company,
LLC acted as financial advisor to PrecisionLender, and Cozen
O’Connor served as PrecisionLender’s legal advisor.
The transaction is subject to customary closing conditions and
regulatory approvals. The closing of the transaction is expected to
occur in the fourth quarter of 2019.
About Q2 Holdings, Inc.
Q2 is a secure, cloud-based digital transformation solutions
company headquartered in Austin, Texas. Since 2004, it has been our
mission to build stronger communities by strengthening their
financial institutions. Our digital banking solutions for deposits,
money movement, lending, leasing, security and fraud enable
financial institutions to deliver a better financial experience to
their account holders. Our bank and credit union customers, along
with emerging financial services providers, also benefit from
actionable data analytics and access to open technology tools. To
learn more about Q2, visit www.q2ebanking.com.
About PrecisionLender
PrecisionLender is modernizing commercial banking. Its sales and
coaching platform empowers bankers with actionable, in-the-moment
insights, so they win better deals and build strong, more
profitable relationships. Andi®, PrecisionLender’s digital
enterprise coach, augments banker strengths and intelligence with
the latest technology and data, delivering the best recommendations
at exactly the right time. 13,000+ bankers at approximately 150
banks—ranging from under $1B to over $1T in assets—use
PrecisionLender’s solution. Set your bank apart with
PrecisionLender’s applied banking insights. Visit
http://www.precisionlender.com to learn more.
Forward-looking Statements
This press release contains forward-looking statements,
including statements about the ability to combine PrecisionLender’s
solutions with Q2’s solutions to successfully expand Q2’s
commercial banking and lending solutions; the ability to leverage
the data of PrecisionLender to create new and innovative solutions
and results; the ability to sell the PrecisionLender solutions and
retain existing customers and the ability to combine the personnel
of Q2 and PrecisionLender. The forward-looking statements contained
in this press release are based upon current plans, estimates and
expectations and are not a representation that such plans,
estimates or expectations will be achieved. Forward-looking
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in or suggested by the forward-looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to, the following: (a) risks related to our
ability to successfully integrate PrecisionLender and its
technology and personnel; (b) risks related to the execution of our
plans, strategies and forecasts, including with respect to our
commercial banking capabilities and offerings; (c) risks related to
our and PrecisionLender’s customers’ reactions to the transaction
and continued and future acceptance and demand for our respective
solutions; (d) risks that the PrecisionLender business does not
continue to perform after the completion of the transaction or that
we are unable to realize additional opportunities for growth and
innovation; (e) risks that we don’t successfully integrate and
retain key PrecisionLender personnel and (f) other risks and
potential factors that could affect our business and financial
results identified in Q2’s filings with the Securities and Exchange
Commission. These filings are available on the SEC Filings section
of the Investor Relations section of Q2’s website at
http://investors.q2ebanking.com/. These forward-looking statements
represent Q2’s expectations as of the date of this press release.
Subsequent events may cause these expectations to change, and Q2
disclaims any obligations to update or alter these forward-looking
statements in the future, whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191001005465/en/
Media Contact Red Fan Communications Emma Chase O: (512)
551-9253 / C: (512) 917-4319 emma@redfancommunications.com
Investor Contact Q2 Holdings, Inc. Josh Yankovich O:
(512) 682-4463 josh.yankovich@q2ebanking.com
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