Pursuant to the agreement, Technisys shareholders will receive consideration of approximately 84 million shares of SoFi common stock, which is “less than 10% of SoFi’s fully diluted share count as of September 30, 2021”, the consideration having a value added of approximately $1.1 billion based on volume-weighted average price.
Accordingly, the proposed acquisition of Technisys will add “strategic technology and businesses for SoFi” and for Galileo, a digital payment platform that Sofi acquired in the spring of 2020 for $1.2 billion. The combined technology is expected to be “the only end-to-end vertically integrated banking technology stack” and will help SoFi create a multi-product digital banking platform that offers “best-in-class” financial products and offerings.
“Technisys has built an attractive and fast-growing business with a unique and critical strategic technology that all leading financial services companies will need to keep pace with digital innovation,” said Anthony Noto, CEO of SoFi, in a press release. . “The acquisition of Technisys is an essential component in delivering our member-centric digital one-stop-shop experience for SoFi members and our partners through Galileo, our fintech cloud service provider.”