Cloud banking software firm nCino shares surge after report of possible sale

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.