In this video, Lincoln explains the strategy behind SoFi's acquisition of Technisys to go with Galileo. $SOFI stock investor have a lot to be excited for in SoFi's technology platform.
SAN FRANCISCO, California – February 22, 2022 – SoFi Technologies, Inc. (NASDAQ: SOFI), (“SoFi”), the digital personal finance company, today announced that it has entered into a definitive merger agreement (the “Merger Agreement”) to acquire Technisys, a leading cloud-native, digital multi-product core banking platform. Technisys’ shareholders will receive aggregate consideration of approximately 84 million shares of SoFi common stock, less than 10% of SoFi’s fully diluted share count as of September 30, 2021[1], subject to customary adjustments set forth in the Merger Agreement. These shares have an aggregate value of approximately $1.1 billion based on the volume weighted average price of SoFi common stock for the 20-trading day period ended February 15, 2022. The transaction is expected to close by the second quarter of 2022, subject to the satisfaction of closing conditions.
“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. The acquisition of Technisys is an essential building block in delivering on our member-centric, digital one-stop-shop experience for SoFi members and our partners through Galileo, our provider of fintech cloud services,” said Anthony Noto, CEO of SoFi. “Under the leadership of co-founder and CEO, Miguel Santos, Technisys has emerged as a proven leader in Gen 3 multi-product banking core technology. We are excited to bring their technology offering under the SoFi Technologies umbrella and deliver it to hundreds of millions of customers worldwide.”
Related: "JPMorgan Chase is deploying a new, cloud-based core system for its retail bank using software developed by Thought Machine, the two companies said Wednesday."
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⏳ Timestamps
0:00 Premise
0:43 SoFi Acquires Technisys Cyberbank Platform
14:02 Most Investors Don't Know About SoFi's Technology Platform
16:54 Conclusion - Taking Advantage of SoFi's Cheap Stock Price
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Sources:
investors.SoFi.com
https://www.forbes.com/sites/tomgroen...
https://thoughtmachine.net/jpmc
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