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Digital Insight

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Digital Insight
FoundedJuly 1995; 29 years ago (1995-07)
FounderPaul Fiore
Daniel Jacoby
DefunctJanuary 10, 2014; 10 years ago (2014-01-10)
FateAcquired by NCR Corporation
HeadquartersRedwood 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

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  1. ^ Smith, Leo (December 17, 1996). "Internet Services Provider Digital Insight Takes Aim at Banks". Los Angeles Times.
  2. ^ a b Hovey, Juan (January 20, 1999). "Partners Looked for (and Found) Capital in Right Places". Los Angeles Times.
  3. ^ MURPHY, BARBARA (April 8, 1997). "Digital Insight Will Receive $6 Million in Funding for Internet Banking". Los Angeles Times.
  4. ^ MURPHY, BARBARA (September 16, 1997). "Digital Insight Acquires Bank Web Site Developer". Los Angeles Times.
  5. ^ MURPHY, BARBARA (March 10, 1998). "Digital Insight Gets Funds for Home Banking". Los Angeles Times.
  6. ^ Wilkinson, Carlton (October 1, 1999). "weekend10-01-99". TheStreet.com.
  7. ^ Nerney, Chris (November 1, 1999). "Soaring Internet IPOs Lit Up October Sky". QuinStreet.
  8. ^ "Digital Insight exec racking up excitement". American City Business Journals. February 21, 2000.
  9. ^ "DIGITAL INSIGHT TO ACQUIRE 1VIEW NETWORK". The New York Times. Bridge News. April 11, 2000.
  10. ^ "Digital Insight finalizes acquisition of AnyTime Access". American City Business Journals. July 31, 2000.
  11. ^ "Digital Insight Agrees to Acquire AnyTime Access for $140 Million". The Wall Street Journal. March 31, 2000.
  12. ^ Bruno, Mark (February 1, 2002). "VIFI Sells Out for $51 Million, Only $3.75 Million in Cash". American Banker.
  13. ^ "Digital Insight to buy Magnet Communications". American City Business Journals. October 23, 2003.
  14. ^ "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.
  15. ^ "Intuit Completes Acquisition of Digital Insight" (Press release). Business Wire. February 7, 2007.
  16. ^ Fest, Glen (October 1, 2008). "Intuit Launches FinanceWorks out of Pilot Phase". American Banker.
  17. ^ "Optimize your budget". CNN. October 28, 2008.
  18. ^ "Digital Insight Names John O'Malley as New CEO" (Press release). Business Wire. September 23, 2013.
  19. ^ "Thoma Bravo Completes Acquisition of Intuit Financial Services; Newly Launched as Digital Insight" (Press release). Business Wire. August 1, 2013.
  20. ^ "NCR Completes Acquisition of Digital Insight" (Press release). Business Wire. January 10, 2014.
  21. ^ Todd, Sarah (January 10, 2014). "NCR Closes Digital Insight Deal". American Banker.
  22. ^ Passy, Jacob (February 12, 2015). "Digital Insight, EyeVerify to Offer Eye Vein-Based Security for Mobile Apps". American Banker.
  23. ^ "NCR Voyix Enters Definitive Agreement to Sell Digital Banking to Veritas Capital for $2.45 Billion Purchase Price". August 6, 2024.
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