Urban FT Group, Inc., the industry leading SaaS-based digital banking platform, confirms that it has entered into terms to acquire the business and certain assets of Digiliti Money, Inc. (Digiliti), the wholly owned subsidiary of publicly listed Digiliti Money Group, Inc. (OTC:BB: DGLT) as part of a statutory merger of Digiliti into Urban FT’s affiliate, FinTech Imaging Solutions, Inc.
“The merger is a fantastic outcome for both companies, their employees, and most importantly, for the clients we respectively serve,” comments Richard Steggall, CEO of Urban FT. “Our complementary client bases will benefit significantly by working with us as a single provider delivering best-in-breed remote deposit capture and digital banking solutions. 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,” adds Steggall.
Hunter Wolfe, Executive Vice President of Business & Customer Operations at Digiliti, 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.”
This announcement concludes a nearly six-month process during which Urban FT provided significant financial support to ensure uninterrupted service to Digiliti clients and continued employment to Digiliti employees. Subject to usual closing conditions, the merger is expected to close on or before February 24, 2018. Urban FT will continue to be headquartered in New York City, with development and operations located in the Minneapolis area. Specific terms of the merger and the parties involved were disclosed yesterday by DGLT in an 8K Filing with the SEC.
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