Urban FT Group, a SaaS-based digital banking platform, has signed an agreement to acquire the business and certain assets of Digiliti Money, which was formerly known as Cachet Financial Solutions.
The deal is part of a merger of Digiliti into FinTech Imaging Solutions, an affiliate of Urban FT.
Urban FT CEO Richard Steggall said: “The merger is a fantastic outcome for both companies, their employees, and most importantly, for the clients we respectively serve.
“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,” Steggall added.
Digiliti executive vice president of business & customer operations Hunter Wolfe said: “From the start we knew Urban FT would be a great suitor for our business. 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.”
The deal wraps a nearly six-month process. During this period Urban FT offered significant financial support to Digiliti to ensure its clients could access uninterrupted services.
The merger, subject to usual closing conditions, is expected to close on or before 24 February 2018.
Urban FT noted that it will continue to be headquartered in New York City, with development and operations located in the Minneapolis area.