Digital Insight
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Founded | July 1995 |
---|---|
Founder | Paul Fiore Daniel Jacoby |
Defunct | January 10, 2014 |
Fate | Acquired by NCR Corporation |
Headquarters | Redwood City, California |
Digital Insight was a provider of online banking software to banks and credit unions. It also designed FinanceWorks, a product that allowed customers to manage their finances. In 2014, the company was acquired by and folded into NCR Corporation.
History
[edit]The company was founded in July 1995 by Paul Fiore and Daniel Jacoby.[1]
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.[2]
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.[2]
In April 1997, the company raised $6 million from Menlo Ventures.[3]
In September 1997, the company acquired RJE Internet Services, a developer of bank websites.[4]
In March 1998, the company raised $3 million from Menlo Ventures and $5 million from HarbourVest Partners.[5]
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%.[6][7]
In February 2000, the company acquired nFront.[8]
In April 2000, the company acquired 1View Network.[9]
In July 2000, the company acquired AnyTime Access for $140 million.[10][11]
In February 2002, the company acquired Virtual FinancialServices for $51 million.[12]
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).[13][14]
Also in October 2003, Jeffrey Stiefler was named CEO of the company.
On February 7, 2007, Intuit acquired the company for $1.35 billion.[15]
In October 2008, the company introduced the consumer version of FinanceWorks[16] and in December 2008, the small business version was launched.[17]
In September 2013, John O’Malley was named CEO of the company.[18]
On August 1, 2013 Thoma Bravo acquired Intuit Financial Services for $1.025 billion.[19]
On January 10, 2014, NCR Corporation acquired the company for $1.65 billion.[20][21]
In 2015, the company integrated EyeVerify's eye vein recognition technology, called Eyeprint ID, into its mobile banking platforms.[22]
On August 6, 2024, NCR Voyix entered an agreement to sell their digital banking platform to Veritas Capital for $2.45 billion.[23]
References
[edit]- ^ Smith, Leo (December 17, 1996). "Internet Services Provider Digital Insight Takes Aim at Banks". Los Angeles Times.
- ^ a b Hovey, Juan (January 20, 1999). "Partners Looked for (and Found) Capital in Right Places". Los Angeles Times.
- ^ MURPHY, BARBARA (April 8, 1997). "Digital Insight Will Receive $6 Million in Funding for Internet Banking". Los Angeles Times.
- ^ MURPHY, BARBARA (September 16, 1997). "Digital Insight Acquires Bank Web Site Developer". Los Angeles Times.
- ^ MURPHY, BARBARA (March 10, 1998). "Digital Insight Gets Funds for Home Banking". Los Angeles Times.
- ^ Wilkinson, Carlton (October 1, 1999). "weekend10-01-99". TheStreet.com.
- ^ Nerney, Chris (November 1, 1999). "Soaring Internet IPOs Lit Up October Sky". QuinStreet.
- ^ "Digital Insight exec racking up excitement". American City Business Journals. February 21, 2000.
- ^ "DIGITAL INSIGHT TO ACQUIRE 1VIEW NETWORK". The New York Times. Bridge News. 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.
- ^ Bruno, Mark (February 1, 2002). "VIFI Sells Out for $51 Million, Only $3.75 Million in Cash". American Banker.
- ^ "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. p. D2. Retrieved 9 April 2024.
Digital Insight Corp. (Nasdaq: DGIN) rose 13 cents to $24. The Calabasas company has completed acquisition of Magnet Communications Inc. for 1.45 million shares of Digital stock and $33.5 million in cash.
- ^ "Intuit Completes Acquisition of Digital Insight" (Press release). Business Wire. February 7, 2007.
- ^ Fest, Glen (October 1, 2008). "Intuit Launches FinanceWorks out of Pilot Phase". American Banker.
- ^ "Optimize your budget". CNN. October 28, 2008.
- ^ "Digital Insight Names John O'Malley as New CEO" (Press release). Business Wire. September 23, 2013.
- ^ "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.
- ^ Todd, Sarah (January 10, 2014). "NCR Closes Digital Insight Deal". American Banker.
- ^ Passy, Jacob (February 12, 2015). "Digital Insight, EyeVerify to Offer Eye Vein-Based Security for Mobile Apps". American Banker.
- ^ "NCR Voyix Enters Definitive Agreement to Sell Digital Banking to Veritas Capital for $2.45 Billion Purchase Price". August 6, 2024.