Digital Insight

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Digital Insight
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FateAcquired by NCR Corporation in 2014; divested to Veritas Capital in 2024 and now part of Candescent
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HeadquartersRedwood City, California
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ParentCandescent
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Digital Insight was an American provider of online banking software for banks and credit unions, headquartered in California. Founded in 1995 by Paul Fiore and Daniel Jacoby,[1] the company grew rapidly during the late 1990s, went public during the dot-com boom in 1999, and expanded through a series of acquisitions. In 2007, it was purchased by Intuit and rebranded as Intuit Financial Services.[2] The business was later sold to private equity firm Thoma Bravo in 2013,[3] restored to the Digital Insight name, and acquired by NCR Corporation in 2014 as part of its digital banking division.[4] In August 2024, NCR Voyix agreed to sell the division to Veritas Capital, after which it became part of Candescent.[5]

History

The company was founded in July 1995 by Paul Fiore and Daniel Jacoby.[6]

In February 1996, the company raised $1.1 million in seed money from the founders' former employer, XP Systems, and received its first client, Community Credit Union, of Plano, Texas.[7]

The company had $85,000 in revenue in its first six months. Revenue jumped to $1.5 million in 1996 and to $4.1 million in 1997, and to $8.2 million in 1998.[7]

In April 1997, the company raised $6 million from Menlo Ventures.[8]

In September 1997, the company acquired RJE Internet Services, a developer of bank websites.[9]

In March 1998, the company raised $3 million from Menlo Ventures and $5 million from HarbourVest Partners.[10]

In October 1998, John Dorman became CEO of the company.

On October 1, 1999, during the dot-com bubble, the company became a public company via an initial public offering. After pricing at $15 per share, the stock rose to $32 per share on its first day of trading, up 114%.[11][12]

In February 2000, the company acquired nFront.[13]

In April 2000, the company acquired 1View Network.[14]

In July 2000, the company acquired AnyTime Access for $140 million.[15][16]

In February 2002, the company acquired Virtual FinancialServices for $51 million.[17]

In October 2003, the company acquired Magnet Communications for $33.5 million in cash and 1.45 million shares of Digital Insight common stock (valued at approximately $34.6 million at the time the acquisition was completed).[18][19]

Also in October 2003, Jeffrey Stiefler was named CEO of the company.

On February 7, 2007, Intuit acquired the company for $1.35 billion.[20]

In October 2008, the company introduced the consumer version of FinanceWorks[21] and in December 2008, the small business version was launched.[22]

In September 2013, John O’Malley was named CEO of the company.[23]

On August 1, 2013 Thoma Bravo acquired Intuit Financial Services for $1.025 billion.[24]

On January 10, 2014, NCR Corporation acquired the company for $1.65 billion.[25][26]

In 2015, the company integrated EyeVerify's eye vein recognition technology, called Eyeprint ID, into its mobile banking platforms.[27]

On August 6, 2024, NCR Voyix entered an agreement to sell their digital banking platform to Veritas Capital for $2.45 billion.[28]

Acquisitions

  • September 1997 - RJE Internet Services
  • February 2000 - nFront[13]
  • April 2000 - 1View Network[14]
  • July 2000 - AnyTime Access[15][16]
  • February 2002 - Virtual FinancialServices[17]
  • October 2003 - Magnet Communications[18][19]

References

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  1. ^ Smith, Leo (December 17, 1996). "Internet Services Provider Digital Insight Takes Aim at Banks". Los Angeles Times.
  2. ^ "Intuit Completes Acquisition of Digital Insight" (Press release). Business Wire. February 7, 2007.
  3. ^ "Thoma Bravo Completes Acquisition of Intuit Financial Services; Newly Launched as Digital Insight" (Press release). Business Wire. August 1, 2013.
  4. ^ "NCR Completes Acquisition of Digital Insight" (Press release). Business Wire. January 10, 2014.
  5. ^ "NCR Voyix Enters Definitive Agreement to Sell Digital Banking to Veritas Capital for $2.45 Billion Purchase Price". August 6, 2024.
  6. ^ Page Module:Citation/CS1/styles.css has no content.Smith, Leo (December 17, 1996). "Internet Services Provider Digital Insight Takes Aim at Banks". Los Angeles Times.
  7. ^ a b Page Module:Citation/CS1/styles.css has no content.Hovey, Juan (January 20, 1999). "Partners Looked for (and Found) Capital in Right Places". Los Angeles Times.
  8. ^ Page Module:Citation/CS1/styles.css has no content.MURPHY, BARBARA (April 8, 1997). "Digital Insight Will Receive $6 Million in Funding for Internet Banking". Los Angeles Times.
  9. ^ Page Module:Citation/CS1/styles.css has no content.MURPHY, BARBARA (September 16, 1997). "Digital Insight Acquires Bank Web Site Developer". Los Angeles Times.
  10. ^ Page Module:Citation/CS1/styles.css has no content.MURPHY, BARBARA (March 10, 1998). "Digital Insight Gets Funds for Home Banking". Los Angeles Times.
  11. ^ Page Module:Citation/CS1/styles.css has no content.Wilkinson, Carlton (October 1, 1999). "weekend10-01-99". TheStreet.com.
  12. ^ Page Module:Citation/CS1/styles.css has no content.Nerney, Chris (November 1, 1999). "Soaring Internet IPOs Lit Up October Sky". QuinStreet.
  13. ^ a b Page Module:Citation/CS1/styles.css has no content."Digital Insight exec racking up excitement". American City Business Journals. February 21, 2000.
  14. ^ a b Page Module:Citation/CS1/styles.css has no content."DIGITAL INSIGHT TO ACQUIRE 1VIEW NETWORK". The New York Times. Bridge News. April 11, 2000.
  15. ^ a b Page Module:Citation/CS1/styles.css has no content."Digital Insight finalizes acquisition of AnyTime Access". American City Business Journals. July 31, 2000.
  16. ^ a b Page Module:Citation/CS1/styles.css has no content."Digital Insight Agrees to Acquire AnyTime Access for $140 Million". The Wall Street Journal. March 31, 2000.
  17. ^ a b Page Module:Citation/CS1/styles.css has no content.Bruno, Mark (February 1, 2002). "VIFI Sells Out for $51 Million, Only $3.75 Million in Cash". American Banker.
  18. ^ a b Page Module:Citation/CS1/styles.css has no content."Digital Insight to buy Magnet Communications". American City Business Journals. October 23, 2003.
  19. ^ a b Page Module:Citation/CS1/styles.css has no content."Market report: Software maker's shares fall on report". Newspapers.com. Ventura County Star. 27 November 2003. p. D2. Retrieved 9 April 2024. Digital Insight Corp. (Nasdaq: DGIN) rose 13 cents to $24. The Calabasas company has completed acquisition of Magnet Communications Inc. for 1.45 million shares of Digital stock and $33.5 million in cash.
  20. ^ Page Module:Citation/CS1/styles.css has no content."Intuit Completes Acquisition of Digital Insight" (Press release). Business Wire. February 7, 2007.
  21. ^ Page Module:Citation/CS1/styles.css has no content.Fest, Glen (October 1, 2008). "Intuit Launches FinanceWorks out of Pilot Phase". American Banker.
  22. ^ Page Module:Citation/CS1/styles.css has no content."Optimize your budget". CNN. October 28, 2008. Archived from the original on October 30, 2008.
  23. ^ Page Module:Citation/CS1/styles.css has no content."Digital Insight Names John O'Malley as New CEO" (Press release). Business Wire. September 23, 2013.
  24. ^ Page Module:Citation/CS1/styles.css has no content."Thoma Bravo Completes Acquisition of Intuit Financial Services; Newly Launched as Digital Insight" (Press release). Business Wire. August 1, 2013.
  25. ^ Page Module:Citation/CS1/styles.css has no content."NCR Completes Acquisition of Digital Insight" (Press release). Business Wire. January 10, 2014.
  26. ^ Page Module:Citation/CS1/styles.css has no content.Todd, Sarah (January 10, 2014). "NCR Closes Digital Insight Deal". American Banker.
  27. ^ Page Module:Citation/CS1/styles.css has no content.Passy, Jacob (February 12, 2015). "Digital Insight, EyeVerify to Offer Eye Vein-Based Security for Mobile Apps". American Banker.
  28. ^ Page Module:Citation/CS1/styles.css has no content."NCR Voyix Enters Definitive Agreement to Sell Digital Banking to Veritas Capital for $2.45 Billion Purchase Price". August 6, 2024.

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