Q2 Holdings Completes Acquisition of PrecisionLender
01 November 2019 - 1:00PM
Business Wire
Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital
transformation solutions for banking and lending, today announced
it has completed the acquisition of Lender Performance Group LLC
(“PrecisionLender”) in a cash transaction valued at approximately
$510 million. 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. On Oct. 1,
2019, Q2 announced it had entered into an agreement to acquire
PrecisionLender.
The combined company will expand Q2’s corporate banking
capabilities and position Q2 as a leader in digital transformation
solutions for FIs in the commercial banking space. The acquisition
of PrecisionLender solidifies Q2 as a trusted partner capable of
designing, delivering and operating complex, end-to-end digital
banking transformation solutions. Spanning banking-as-a-service,
account onboarding, consumer and corporate digital banking and now
loan pricing, fulfillment and servicing, Q2 helps FIs develop
deeper client relationships, realize value creation, improve
margins and increase overall profitability associated with
strategic digital initiatives.
“We are thrilled with the outstanding talent, culture and
industry expertise the PrecisionLender team brings to the Q2
family,” said Matt Flake, CEO of Q2. “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.”
“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,” said Carl Ryden,
co-founder of PrecisionLender. “We are looking forward to joining
forces with the amazing talent and culture at Q2.”
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.
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 PrecisionLender’s growth potential; the
ability to combine PrecisionLender’s solutions with Q2’s solutions
to successfully expand Q2’s corporate banking capabilities and
position Q2 as the leader in digital transformation solutions for
commercial banking; Q2’s ability to deliver digital banking
transformation solutions; the ability of PrecisionLender to allow
Q2 to help FIs develop deeper client relationships, realize value
creation, improve margins and increase overall profitability
associated with strategic digital initiatives; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20191101005081/en/
Media Contact Q2 Holdings, Inc. Beth Williams O: (512)
682-4285 beth.williams@q2ebanking.com
Investor Contact Q2 Holdings, Inc. Josh Yankovich O:
(512) 682-4463 josh.yankovich@q2ebanking.com
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