Urban FT agrees to buy Digiliti Money

Urban FT agrees to buy Digiliti Money

SaaS-based digital banking platform Urban FT has finally agreed a deal to buy remote deposit capture vendor Digiliti Money. Terms have not been disclosed.

Under the agreement, set to be closed by the end of the month, Urban FT will buy the business and certain assets of Digiliti Money, and merge it into an affiliate, FinTech Imaging Solutions.

Urban FT emerged as a surprise bidder for Digiliti Money in August, just a day after the beleaguered remote deposit capture company warned that it was contemplating bankruptcy after auditors refused to sign off on its financial accounts for 2016.

An offer which following initial due diligence valued the firm at $10.5 million on a net equity basis, was made but rejected by Digiliti, which proposed alternative terms. Urban FT called these "unreasonable and unacceptable".

Six months on - during which Urban FT provided "significant financial support" to ensure uninterrupted service to Digiliti clients and continued employment for staffers - the two firms have come to an agreement.

Richard Steggall, CEO, Urban FT, says: "The merger is a fantastic outcome for both companies, their employees, and most importantly, for the clients we respectively serve.

"Our complementary client bases will benefit significantly by working with us as a single provider delivering best-in-breed remote deposit capture and digital banking solutions. Over the next 12 months, we’ll focus on meeting more of our clients’ needs by aggressively introducing our complete solution suite to more than 600 current clients."

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