Acquisition Represents Most Significant Transaction for Dominant Player in API Core Space
NYMBUS, the world's first complete, full-stack, API-driven core processing platform, has announced the acquisition of Sharp BancSystems, Inc. (SBS), a Texas-based software provider founded in 1987. The transaction is the most significant for Nymbus to date, as it continues growing rapidly in expanding its capabilities, geographic footprint and client base nationwide. The company now owns $200 million of intellectual property, running software that has been tried and tested in publicly-traded financial institutions.
“SBS is a true pioneer in the industry, running a best-in-class organization with nearly three-decades of success,” said Alex Lopatine, Founder. “For that reason we’re thrilled to welcome them to the growing NYMBUS family, and fortify our position as the true leader in this new generation of core processing.”
For many years, SBS offered clients the most comprehensive integrated banking software solution available in the marketplace at extremely competitive pricing. The company provided client banks with a one-stop vendor for all their IT related needs, including all in-house functions such as Core, Item Processing, Online/Mobile, ATM/Debit Card Processing, Loan & Deposit Account Origination.
However, SBS management identified the need to rewrite and replace the back-end core system with something nimbler in 2014. When it became apparent that significant capital was required, a partnership strategy became an attractive option. In mid-2015 SBS and NYMBUS identified each other’s synergies, began discussions and closed the deal in early 2016.
“We’ve always put the customer first, and this partnership will render incredible results for our trusted clients. The functionality that allowed banks to be on the top performing list for all these years is being developed in the NYMBUS core today,” said Scott Sharp, Chief Operating Officer of Nymbus and formerly CEO and shareholder of SBS.
“There are inherent efficiencies built into the single stack application approach with a modern user experience, and there won’t be anything that can touch us in side-by-side comparisons in the very near future,” added Sharp.
“SBS brings unparalleled banking knowledge and NYMBUS had a platform for rapid application development. This is a perfect partnership in that each party has benefited and, most importantly, so will our valued clients,” added Scott Killoh, Chairman of the Board of NYMBUS.