The acquisition of PrecisionLender expands the commercial banking solution offerings and total addressable market of the Texas-based Q2 Holdings
PrecisionLender acquired by Q2 Holdings. Photo: courtesy of rawpixel from Pixabay.
Q2 Holdings has wrapped up its previously announced $510m acquisition of North Carolina-based fintech company Lender Performance Group (PrecisionLender).
Headquartered in Charlotte, PrecisionLender caters to financial institutions (FIs) across the world with its SaaS-based data-driven sales enablement, pricing and portfolio management solutions.
Q2 is a cloud-based digital banking solutions provider based in Texas. The company signed a deal to acquire the North Carolina-based firm in October 2019, in a move to enhance its digital banking solutions.
Details of PrecisionLender technology and platform
PrecisionLender’s data-driven platform is claimed to be enhanced by a digital enterprise coach called Andi, which utilises machine learning technology.
The company’s platform is used by around 150 banks across the world for structuring and negotiating commercial lending transactions. The Andi digital enterprise coach is claimed to have access to pricing and profitability data on millions of customer relationships and an excess of $1.7trillion worth transactions a year.
By making use of the data, Andi gives bankers actionable, real-time, data-driven insights. It coaches commercial bankers to get better outcomes for their banks and their customers.
PrecisionLender co-founder Carl Ryden said: “The PrecisionLender team is excited to be a part of Q2 and will continue to operate as it has with additional infrastructure and support from Q2 to advance our product offerings.
“We are looking forward to joining forces with the amazing talent and culture at Q2.”
According to Q2, the combined company will grow its corporate banking capabilities, while positioning it as a major provider of digital transformation solutions for FIs in the commercial banking segment.
Furthermore, the acquisition is said to consolidate Q2’s position as a partner who can design, deliver and operate complex, end-to-end digital banking transformation solutions.
Q2 CEO Matt Flake said: “We are thrilled with the outstanding talent, culture and industry expertise the PrecisionLender team brings to the Q2 family.
“We are also excited about the potential we have to help our customers improve margins, profitability and the quality of their relationship with their key accounts using our combined data insights and commercial banking solutions.”