At the beginning of the month, cloud-based core-processing platform developer NYMBUS announced that it had bought core data processing solutions provider, R.C. Olmstead. Two weeks later, NYMBUS was back in deal-making mode, acquiring credit union software maker KMR. Two acquisitions in three weeks is a pretty impressive pace. But who knew there was more to come?
Today we learn that NYMBUS has scooped up another company, this time purchasing fellow core-processing vendor, Sharp BancSystems (SBS). Terms of the acquisition have not been disclosed, but Banking Technology reports that the deal is the largest for NYMBUS to date. Along with the company’s other recent acquisitions, NYMBUS now has $200 million in intellectual property driving “tried and tested” banking software for publicly traded FIs.
Chief Experience Officer Mario Garcia demonstrated NYMBUS at FinovateSpring 2016 in San Jose.
NYMBUS founder Alex Lopatine praised SBS as a “best-in-class” industry pioneer for nearly thirty years. Nevertheless recognizing that its back-end core system was in need of an expensive overhaul in 2014, SBS decided that a partnership strategy would be the best approach and began conversations with NYMBUS in 2015. Interestingly, NYMBUS hired former Sharp BancSystems CEO and president Scott Sharp as its Chief Operating Officer in February, a move that now clearly foreshadowed the acquisition.
“The functionality that allowed banks to be on the top-performance list for all these years is being developed in the NYMBUS core today,” Sharp said. “There are inherent efficiencies built into the single stack application approach with a modern user experience, and there won’t be anything that can touch us in side-by-side comparisons in the very near future,” he explained.
Founded in 2015 and headquartered in Miami Beach, Florida, NYMBUS demonstrated its technology at FinovateSpring 2016. Before its furious June acquisition pace, NYMBUS made headlines with its partnership with Geezeo in February, and launched its credit union collaboration service organization, CUNYMBUS in March. Also in March, NYMBUS was featured in Let’s Talk Payments as part of a look at innovative banking software companies.