Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for banking and lending, today announced it has completed the acquisition of Lender Performance Group LLC (“PrecisionLender”) in a cash transaction valued at approximately $510 million.
PrecisionLender is one of the fastest growing enterprise SaaS providers of data-driven sales enablement, pricing and portfolio management solutions for financial institutions (“FIs”) globally. On Oct. 1, 2019, Q2 announced it had entered into an agreement to acquire PrecisionLender.
The combined company will expand Q2’s corporate banking capabilities and position Q2 as a leader in digital transformation solutions for FIs in the commercial banking space. The acquisition of PrecisionLender solidifies Q2 as a trusted partner capable of designing, delivering and operating complex, end-to-end digital banking transformation solutions. Spanning banking-as-a-service, account onboarding, consumer and corporate digital banking and now loan pricing, fulfillment and servicing, Q2 helps FIs develop deeper client relationships, realize value creation, improve margins and increase overall profitability associated with strategic digital initiatives.
“We are thrilled with the outstanding talent, culture and industry expertise the PrecisionLender team brings to the Q2 family,” said Matt Flake, CEO of Q2. “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.”
“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,” said Carl Ryden, co-founder of PrecisionLender. “We are looking forward to joining forces with the amazing talent and culture at Q2.”
Jefferies LLC acted as financial advisor to Q2, and DLA Piper LLP (US) served as Q2’s legal advisor. William Blair & Company, LLC acted as financial advisor to PrecisionLender, and Cozen O’Connor served as PrecisionLender’s legal advisor.