Wilmington, N.C.-based cloud banking provider nCino, Inc., is acquiring Boston-based integration platform Sandbox Banking for $52.5 million plus an earn-out opportunity of up to $10 million.
The acquisition is intended to improve nCino’s ability to enhance data connectivity and streamline operations for banks through the integration platform-as-a-service provider. Sandbox Banking’s technology is expected to enable artificial intelligence that can save time in integration and API development.
nCino plans to use Sandbox Banking’s technology to offer an integration hub to help financial institutions simplify the building of new connections to support emerging products, workflows or external systems, while lining up data across core and ancillary banking systems.
“We’ve closely partnered with Sandbox Banking for years through many integration projects, so we’ve seen first-hand how this technology layer improves transparency, reduces integration friction, accelerates project timelines, and creates a hub for better data connectivity,” said nCino Chief Product Officer Chris Gufford.
“Banks and credit unions face critical demands for operational efficiency and regulatory compliance,” he added. “This acquisition gives nCino a better ability to empower these institutions with a flexible, reliable data environment for greater agility to quickly integrate third-party systems, AI and new technologies without disruptions.”