Digital Insight
| Company type | Public (until 2007) |
|---|---|
| Industry | Financial services software |
| Founded | July 1995 |
| Founder | Paul Fiore, Daniel Jacoby |
| Fate | Acquired by NCR Corporation |
| Headquarters | Redwood City, California , United States |
| Products | Online banking software, FinanceWorks |
| Parent | NCR Corporation (since 2014) |
Digital Insight specialized in providing online banking software solutions to financial institutions such as banks and credit unions, and was also known for its financial management application, FinanceWorks. In 2014, it became part of NCR Corporation following an acquisition.
History
Established in July 1995 by Paul Fiore and Daniel Jacoby, Digital Insight obtained $1.1 million in initial funding from XP Systems in February 1996 and secured its first customer, Community Credit Union located in Plano, Texas. The company's revenue experienced swift growth, increasing from $85,000 during its initial half-year to $8.2 million by 1998.
In April 1997, the firm raised $6 million through an investment by Menlo Ventures and later that year acquired RJE Internet Services. Further capital injections included $3 million from Menlo Ventures alongside $5 million from HarbourVest Partners in March 1998. John Dorman was appointed as CEO in October 1998.
Digital Insight went public on October 1, 1999, with its stock price surging by 114% on the debut day. The company pursued growth through multiple acquisitions: nFront in February 2000; 1View Network in April 2000; AnyTime Access for $140 million in July 2000; Virtual FinancialServices for $51 million in February 2002; and Magnet Communications for roughly $68 million in cash and stock combined in October 2003. Jeffrey Stiefler took over as CEO during that same month.
In February 2007, Intuit purchased Digital Insight for $1.35 billion. Subsequently, the consumer edition of FinanceWorks was introduced in October 2008, followed by a version tailored for small businesses two months afterward.
John O’Malley assumed the role of CEO in September 2013. Prior to this, in August 2013, Thoma Bravo acquired Intuit Financial Services for $1.025 billion and revived the Digital Insight brand. In January 2014, NCR Corporation completed a $1.65 billion acquisition of Digital Insight.
In 2015, Digital Insight incorporated EyeVerify's Eyeprint ID technology—which uses eye vein recognition—into its mobile banking solutions.
On August 6, 2024, NCR Voyix reached an agreement to divest its digital banking platform to Veritas Capital for $2.45 billion.
References
- Software companies established in 1995
- Banking software companies
- 1995 establishments in California
- 1999 initial public offerings
- 2007 mergers and acquisitions
- 2014 mergers and acquisitions
- Companies based in Redwood City, California
- Defunct software companies of the United States
- Dot-com bubble
- NCR Corporation