Digital Insight was an American provider of online banking software for banks and credit unions, headquartered in California. Founded in 1995 by Paul Fiore and Daniel Jacoby,[1] the company grew rapidly during the late 1990s, went public during the dot-com boom in 1999, and expanded through a series of acquisitions. In 2007, it was purchased by Intuit and rebranded as Intuit Financial Services.[2] The business was later sold to private equity firm Thoma Bravo in 2013,[3] restored to the Digital Insight name, and acquired by NCR Corporation in 2014 as part of its digital banking division.[4] In August 2024, NCR Voyix agreed to sell the division to Veritas Capital, after which it became part of Candescent.[5]
History
The company was founded in July 1995 by Paul Fiore and Daniel Jacoby.[6]
In February 1996, the company raised $1.1 million in seed money from the founders' former employer, XP Systems, and received its first client, Community Credit Union, of Plano, Texas.[7]
The company had $85,000 in revenue in its first six months. Revenue jumped to $1.5 million in 1996 and to $4.1 million in 1997, and to $8.2 million in 1998.[7]
In April 1997, the company raised $6 million from Menlo Ventures.[8]
In September 1997, the company acquired RJE Internet Services, a developer of bank websites.[9]
In March 1998, the company raised $3 million from Menlo Ventures and $5 million from HarbourVest Partners.[10]
In October 1998, John Dorman became CEO of the company.
On October 1, 1999, during the dot-com bubble, the company became a public company via an initial public offering. After pricing at $15 per share, the stock rose to $32 per share on its first day of trading, up 114%.[11][12]
In February 2000, the company acquired nFront.[13]
In April 2000, the company acquired 1View Network.[14]
In July 2000, the company acquired AnyTime Access for $140 million.[15][16]
In February 2002, the company acquired Virtual FinancialServices for $51 million.[17]
In October 2003, the company acquired Magnet Communications for $33.5 million in cash and 1.45 million shares of Digital Insight common stock (valued at approximately $34.6 million at the time the acquisition was completed).[18][19]
Also in October 2003, Jeffrey Stiefler was named CEO of the company.
On February 7, 2007, Intuit acquired the company for $1.35 billion.[20]
In October 2008, the company introduced the consumer version of FinanceWorks[21] and in December 2008, the small business version was launched.[22]
In September 2013, John O’Malley was named CEO of the company.[23]
On August 1, 2013 Thoma Bravo acquired Intuit Financial Services for $1.025 billion.[24]
On January 10, 2014, NCR Corporation acquired the company for $1.65 billion.[25][26]
In 2015, the company integrated EyeVerify's eye vein recognition technology, called Eyeprint ID, into its mobile banking platforms.[27]
On August 6, 2024, NCR Voyix entered an agreement to sell their digital banking platform to Veritas Capital for $2.45 billion.[28]
Acquisitions
References
- Smith, Leo (December 17, 1996). "Internet Services Provider Digital Insight Takes Aim at Banks". Los Angeles Times.^
- "Intuit Completes Acquisition of Digital Insight" (Press release). Business Wire. February 7, 2007.^
- "Thoma Bravo Completes Acquisition of Intuit Financial Services; Newly Launched as Digital Insight" (Press release). Business Wire. August 1, 2013.^
- "NCR Completes Acquisition of Digital Insight" (Press release). Business Wire. January 10, 2014.^
- "NCR Voyix Enters Definitive Agreement to Sell Digital Banking to Veritas Capital for $2.45 Billion Purchase Price". August 6, 2024.^
- Leo Smith. Internet Services Provider Digital Insight Takes Aim at Banks Los Angeles Times, December 17, 1996^
- Juan Hovey. Partners Looked for (and Found) Capital in Right Places Los Angeles Times, January 20, 1999^
- BARBARA MURPHY. Digital Insight Will Receive $6 Million in Funding for Internet Banking Los Angeles Times, April 8, 1997^
- BARBARA MURPHY. Digital Insight Acquires Bank Web Site Developer Los Angeles Times, September 16, 1997^
- BARBARA MURPHY. Digital Insight Gets Funds for Home Banking Los Angeles Times, March 10, 1998^
- Carlton Wilkinson. weekend10-01-99 TheStreet.com, October 1, 1999^
- Chris Nerney. Soaring Internet IPOs Lit Up October Sky QuinStreet, November 1, 1999^
- Digital Insight exec racking up excitement American City Business Journals, February 21, 2000^
- DIGITAL INSIGHT TO ACQUIRE 1VIEW NETWORK The New York Times, April 11, 2000^
- Digital Insight finalizes acquisition of AnyTime Access American City Business Journals, July 31, 2000^
- Digital Insight Agrees to Acquire AnyTime Access for $140 Million The Wall Street Journal, March 31, 2000^
- Mark Bruno. VIFI Sells Out for $51 Million, Only $3.75 Million in Cash American Banker, February 1, 2002^
- Digital Insight to buy Magnet Communications American City Business Journals, October 23, 2003^
- Market report: Software maker's shares fall on report Newspapers.com, Ventura County Star, 27 November 2003, retrieved 9 April 2024^
- Intuit Completes Acquisition of Digital Insight Business Wire, February 7, 2007^
- Glen Fest. Intuit Launches FinanceWorks out of Pilot Phase American Banker, October 1, 2008^
- Optimize your budget CNN, October 28, 2008^
- Digital Insight Names John O'Malley as New CEO Business Wire, September 23, 2013^
- Thoma Bravo Completes Acquisition of Intuit Financial Services; Newly Launched as Digital Insight Business Wire, August 1, 2013^
- NCR Completes Acquisition of Digital Insight Business Wire, January 10, 2014^
- Sarah Todd. NCR Closes Digital Insight Deal American Banker, January 10, 2014^
- Jacob Passy. Digital Insight, EyeVerify to Offer Eye Vein-Based Security for Mobile Apps American Banker, February 12, 2015^
- NCR Voyix Enters Definitive Agreement to Sell Digital Banking to Veritas Capital for $2.45 Billion Purchase Price August 6, 2024^