Acquisition adds to Q2’s portfolio of financial experience
capabilities following recent close of the Cloud Lending transaction
AUSTIN, Texas--(BUSINESS WIRE)--
Q2
Holdings, Inc. (NYSE:QTWO), a leading provider of digital banking
and lending solutions, announced today its acquisition of Atlanta-based Gro
Solutions, a provider of industry-leading account opening and
digital sales and marketing solutions for financial institutions (FIs).
The acquisition reflects both companies’ ongoing mission of providing
best-in-class digital experiences to FIs and the broader financial
services industry.
Gro provides a digital sales platform that drives customer acquisition
growth across all digital channels. The Gro platform enables customers
to make personalized recommendations and cross-sell products—from
deposit accounts to loans for both retail and business clients. Gro’s
solution combines advanced, multichannel account opening with targeted
marketing capabilities as well as a shopping cart experience. Account
holders can simply add financial products when and how they need them.
“With Q2’s recent acquisitions of Cloud Lending and now Gro—combined
with our leading, secure digital banking platform—we are delivering
powerful solutions for the financial services vertical to provide
exceptional experiences needed to keep pace with the high expectations
of today’s account holder,” said Matt Flake, CEO of Q2. “Our acquisition
of Gro adds yet another element that helps our customers reduce user
friction, increase engagement in the digital channel and expand their
offerings.”
Since its launch and demo at FinovateFall 2015, Gro has defined how FIs
leverage the mobile channel to accelerate growth. Also named a "Company
to Watch” by American Banker and BAI in 2015, Gro quickly attracted
customers and established its solution for omnichannel account opening.
The following year, Gro introduced a new back-end portal to help
consolidate FIs’ underwriting engines. Gro also unveiled Consumer
Protection Plus at Money 20/20, a feature that ensures customer
involvement and peace of mind in the account opening process. Continuing
its growth and innovation in 2017, Gro received one of the first-ever
TAG FinTech ADVANCE Awards. This year, Gro’s momentum continued, adding
new customers and announcing new features to its platform, including
business account opening capabilities and the new Quick Start process,
which enables customers to launch at their own pace rather than waiting
on a vendor.
Gro’s addition will provide Q2’s customers with advanced, omnichannel
account opening capabilities and a configurable sales platform designed
to increase conversion and reduce abandonment. FIs that have implemented
Gro’s mobile-first solutions have seen significant increases in
completed applications.
"Q2 is a recognized leader in providing innovative solutions for FIs and
other financial technology providers,” said David Eads, CEO of Gro. “As
a combined force, we look forward to providing leading account opening,
ecommerce and end-to-end digital financial solutions to banks, credit
unions and other financial technology companies. We are delighted to be
joining the Q2 team and look forward to delivering best-in-class
financial digital sales and marketing solutions.”
Financial terms of the transaction were not disclosed.
For more information about Q2, visit www.q2ebanking.com.
About Q2 Holdings, Inc.
Q2 is a secure, cloud-based digital banking solutions company
headquartered in Austin, Texas. Since 2004, it has been our mission to
build stronger communities by strengthening their financial
institutions. Our digital banking solutions for deposits, money
movement, lending, leasing, security and fraud enable financial
institutions to deliver a better financial experience to their account
holders. Our bank and credit union customers, along with emerging
financial services providers, also benefit from actionable data
analytics and access to open technology tools. To learn more about Q2,
visit www.q2ebanking.com.
About Gro Solutions
Founded in 2015, Gro Solutions provides a digital sales platform to
drive account growth for financial institutions across all channels of
their business. The Gro Digital Sales Platform features innovative and
intuitive software solutions designed to optimize both the financial
institution and end user experience for digital sales tasks, such as
account opening and loan origination. For more information, visit www.grobanking.com,
or follow us on Twitter, @GroBanking.
Forward-looking Statements:
This press release contains forward-looking statements, including
statements about: the ability of Gro’s products to boost Q2’s
cross-selling capabilities and to accelerate digital onboarding; Q2’s
and Gro’s ability to provide best-in-class and leading solutions; the
advantages to Q2’s customers of adding the Gro solutions; the ability of
Q2’s and Gro’s products to enable customers to improve account
acquisition and engagement and to accelerate growth; the ability of Q2
to advance its product offerings together with Gro; and the potential
for Q2 and Gro as a combined force. The forward-looking statements
contained in this press release are based upon current plans, estimates
and expectations and are not a representation that such plans, estimates
or expectations will be achieved. Forward-looking statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in or suggested by the
forward-looking statements. Factors that could cause or contribute to
such differences include, but are not limited to, the following: (a)
risks related to Q2’s ability to successfully integrate Gro and its
technology and personnel; (b) risks related to the execution of the
combined plans, strategies and forecasts, including with respect to
account opening, digital sales and marketing capabilities and offerings;
(c) risks related to customer demand and market acceptance for these
offerings; (d) risks related to Q2’s expectations with respect to the
business of Gro after completion of the transaction and Q2’s ability to
realize additional opportunities for growth and innovation; (e)
competitive risks in the highly-competitive and innovative financial
service and technology industries; (f) risks related to the security and
compliance of these solutions; (g) intellectual property and related
risks; and (h) other risks and potential factors that could affect our
business and financial results identified in Q2’s filings with the
Securities and Exchange Commission. These filings are available on the
SEC Filings section of the Investor Relations section of Q2’s website at http://investors.q2ebanking.com/.
These forward-looking statements represent Q2’s expectations as of the
date of this press release. Subsequent events may cause these
expectations to change, and Q2 disclaims any obligations to update or
alter these forward-looking statements in the future, whether as a
result of new information, future events or otherwise.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181203005163/en/
Emma Chase
Red Fan Communications
O: (512) 551-9253 / C: (512)
917-4319
emma@redfancommunications.com
Source: Q2 Holdings, Inc.