July 24, 2024

WILMINGTON – A Reuters news service report that Wilmington-based nCino might be sold triggered a surge of more than 20% in its stock price on Friday.

“nCino’s board of directors has been in talks about forming a special committee to review the expressions of interest in a deal and decide on its next steps,” Reuters said, citing unnamed sources.

The wire service noted that private equity firm Insight Partners howns some 35% of nCino and said sources reported it “has not yet decided whether it will participate in any potential deal or simply cash out.”

Read the full story at: https://www.reuters.com/markets/deals/cloud-banking-vendor-ncino-explores-sale-sources-2023-06-16/

nCino cut 7% of its workforce in January.

It recently reported a loss of $11.2 million in its fiscal first quarter, but CEO Pierre Naudé sees better days coming.

“We are pleased to begin the year reporting a strong quarter with record operating income ($31.3 million) and free cash flow ($29.7 million),” Naudé said in a statement. “I’m incredibly proud of how our teams continue to deliver for our customers around the globe. The record number of attendees earlier this month at our annual user conference, nSight, is a testament to the ongoing demand for nCino’s single end-to-end cloud banking platform and the value of our ecosystem.

“We remain confident in our future trajectory while navigating current market conditions and believe we are well positioned for long-term profitable growth,” he added.

More nCino headlines

Wilmington fintech nCino’s CEO remains ‘confident’ despite reporting $11.2M loss

Wilmington fintech firm nCino cuts 7% of workforce in round of layoffs

The post Cloud banking software firm nCino shares surge after report of possible sale first appeared on WRAL TechWire.

Cloud banking software firm nCino shares surge after report of possible sale first appeared on Web and IT News.

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