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SoFi to acquire cloud-based banking platform Technisys in all-stock deal valued at $1.1 bln

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SoFi Technologies Inc.
SOFI,
-6.49%

said Tuesday it has entered an agreement to acquire Technisys, a cloud-based banking platform, in an all-stock deal valued at about $1.1 billion. Under the terms of the deal, Technisys shareholders will receive about 84 million SoFi shares, or less than 10% of its fully diluted share count as of Sept. 30. The deal is expected to close in the second quarter. “Technisys has built an attractive, fast-growth business with a unique and critical strategic technology that all leading financial services companies will need in order to keep pace with digital innovation,” SoFi said in a statement. The company has become a leader in Gen 3 multi-product banking core technology, it added, and is expected to help SoFi with its goal of becoming a one-stop-shop financial services platform and for its goal of building the AWS of finance. SoFi shares slid 2.3% premarket and have fallen 50% in the last 12 months, while the S&P 500
SPX,
-0.72%

has gained 11%.

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