The acquisition of Terafina is in line with NCR’s strategy to acquire early-stage software companies to enhance product capabilities
NCR Corporation, previously called National Cash Register, has acquired Terafina, a software-as-a-service product company, for an undisclosed amount.
Terafina provides customer account opening and onboarding solutions for mid-market community banks and credit unions.
The company also offers services through a single platform that combines the experience across the online, branch and call centre channels.
Terafina founder and CEO Meheriar Hasan said: “We are very excited to combine with NCR’s Digital Banking business, which we believe is one of the largest and clearly one of the leading innovators in the marketplace. Terafina is looking forward to take what we’ve built and see it grow together with NCR.”
With the acquisition, Terafina is anticipated to expand sales and marketing capabilities for NCR in its Digital First Banking platform, across consumer and business market segments.
Also, adding customer onboarding experience into the NCR Digital First platform would enhance customer satisfaction and increase the number of products for customers.
The transaction is expected to enable financial institutions to build customer relationships, strengthen brand loyalty and benefit customers across digital and physical channels.
NCR said that the acquisition of Terafina is in line with its strategy to acquire early-stage software companies to enhance product capabilities and extend leadership in vertical industries it serves.
NCR Corporation president and CEO Michael D Hayford said: “Digital Banking is a key aspect of the NCR-as-a-Service strategy we laid out at Investor Day in December.
“Terafina has been a partner of ours and is already up and running, integrated with our Digital Banking platform.
“We know this adds value for our clients by making digital account sales, marketing and onboarding easier, so they can provide a superior experience for customers.”
Based in Atlanta, Georgia, NCR provides software and services led enterprise for the financial, retail and hospitality industries, with 36,000 employees.