Veritas Capital (“Veritas”), a leading investor at the intersection of technology and government, announced that it has completed the acquisition of the Digital Banking business of NCR Voyix Corporation (NYSE: VYX) (“NCR Voyix”), a leading global provider of cloud-based, digital commerce solutions. In conjunction with the close of the transaction, the Digital Banking business has been rebranded as Candescent and is now a privately held company.
Candescent remains the largest independent platform of its kind in the United States and will continue to serve more than 1,300 financial institutions and over 29 million registered users.
As a standalone company, and under the ownership of Veritas, Candescent will focus on continuing to deliver extraordinary customer experiences and leveraging its modern platforms to develop new products to expand its value proposition with both new and existing customers.
Pursuant to the terms of the transaction, which was originally announced on August 6, 2024, Veritas acquired the assets of the NCR Voyix Digital Banking business for a purchase price of $2.45 billion plus future additional contingent consideration of up to $100 million.
Advisors
Goldman Sachs & Co. LLC served as financial advisor and King & Spalding served as legal counsel to NCR Voyix. Evercore served as financial advisor and Gibson, Dunn & Crutcher LLP acted as legal counsel to Veritas. UBS Investment Bank acted as lead financing arranger.
