The deal is part of a merger of Digiliti into Urban FT’s affiliate, FinTech Imaging Solutions, expected to be completed on or before Feb. 24, 2018.
“The merger is a fantastic outcome for both companies, their employees and, most importantly, for the clients we respectively serve,” according to Richard Steggall, CEO of Urban FT. “Our complementary client bases will benefit significantly by working with us as a single provider delivering best-in-breed remote deposit capture and digital banking solutions. Over the next 12 months, we’ll focus on meeting more of our clients’ needs by aggressively introducing our complete solution suite to more than 600 current clients.
“From the beginning of this process, we recognized that the Digiliti business was fundamentally a good one — with exceptional client and strategic relationships — and together we could create synergies, resulting in significantly reduced combined operating costs and additional services for our pooled client bases,” added Steggall.
The deal took almost six months to complete. During the negotiations, Urban FT provided Digiliti with significant financial support so its clients could enjoy uninterrupted service, while also securing employment for its employees.
“From the start, we knew Urban FT would be a great suitor for our business,” said Hunter Wolfe, executive vice president of business and customer operations at Digiliti. “Our incredible team has spent years building strong and meaningful relationships with each of our clients and key industry partners by delivering best-in-class service and technologies. We look forward to being able to continue to support and grow those relationships as we move forward under the Urban FT banner, and we know our customers will be delighted by the new innovations to come.”
Urban FT will continue to be headquartered in New York City, with development and operations in the Minneapolis area.