Digital Insight
{{Infobox company
| name = Digital Insight
| logo = Image:Digital Insight Logo.png
| fate = Acquired by NCR Corporation
| founder = Paul Fiore
Daniel Jacoby
| foundation = {{start date and age|1995|07}}
| defunct = {{end date and age|2014|01|10}}
| location = Redwood 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
The company was founded in July 1995 by Paul Fiore and Daniel Jacoby.{{cite news | url=https://www.latimes.com/archives/la-xpm-1996-12-17-fi-9838-story.html | title=Internet Services Provider Digital Insight Takes Aim at Banks | first=Leo | last=Smith | work=Los Angeles Times | date=December 17, 1996 | url-access=subscription}}
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.{{cite news | url=https://www.latimes.com/archives/la-xpm-1999-jan-20-fi-65293-story.html | title=Partners Looked for (and Found) Capital in Right Places | first=Juan | last=Hovey | work=Los Angeles Times | date=January 20, 1999 | url-access=subscription}}
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.
In April 1997, the company raised $6 million from Menlo Ventures.{{cite news | url=https://www.latimes.com/archives/la-xpm-1997-04-08-fi-46656-story.html | title=Digital Insight Will Receive $6 Million in Funding for Internet Banking | first=BARBARA | last=MURPHY | work=Los Angeles Times | date=April 8, 1997 | url-access=subscription}}
In September 1997, the company acquired RJE Internet Services, a developer of bank websites.{{cite news | url=https://www.latimes.com/archives/la-xpm-1997-sep-16-fi-32922-story.html | title=Digital Insight Acquires Bank Web Site Developer | first=BARBARA | last=MURPHY | work=Los Angeles Times | date=September 16, 1997 | url-access=subscription}}
In March 1998, the company raised $3 million from Menlo Ventures and $5 million from HarbourVest Partners.{{cite news | url=https://www.latimes.com/archives/la-xpm-1998-mar-10-fi-27268-story.html | title=Digital Insight Gets Funds for Home Banking | first=BARBARA | last=MURPHY | work=Los Angeles Times | date=March 10, 1998 | url-access=subscription}}
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%.{{cite news | url=https://www.thestreet.com/story/790098/1/weekend10-01-99.html | title=weekend10-01-99 | first=Carlton | last=Wilkinson | work=TheStreet.com | date=October 1, 1999}}{{cite news | url=http://www.internetnews.com/bus-news/print.php/229841 | title=Soaring Internet IPOs Lit Up October Sky | first=Chris | last=Nerney | work=QuinStreet | date=November 1, 1999}}
In February 2000, the company acquired nFront.{{cite news | url=https://www.bizjournals.com/atlanta/stories/2000/02/21/focus26.html | title=Digital Insight exec racking up excitement | work=American City Business Journals | date=February 21, 2000}}
In April 2000, the company acquired 1View Network.{{cite news | url=https://www.nytimes.com/2000/04/11/business/company-news-digital-insight-to-acquire-1view-network.html | title=DIGITAL INSIGHT TO ACQUIRE 1VIEW NETWORK | agency=Bridge News | work=The New York Times | date=April 11, 2000}}
In July 2000, the company acquired AnyTime Access for $140 million.{{cite news | url=https://www.bizjournals.com/sacramento/stories/2000/07/31/daily3.html | title=Digital Insight finalizes acquisition of AnyTime Access | work=American City Business Journals | date=July 31, 2000}}{{cite news | url=https://www.wsj.com/articles/SB95450912831294116 | title=Digital Insight Agrees to Acquire AnyTime Access for $140 Million | work=The Wall Street Journal | date=March 31, 2000 | url-access=subscription}}
In February 2002, the company acquired Virtual FinancialServices for $51 million.{{cite news | url=https://www.americanbanker.com/news/vifi-sells-out-for-51-million-only-375-million-in-cash | title=VIFI Sells Out for $51 Million, Only $3.75 Million in Cash | first=Mark | last=Bruno | work=American Banker | date=February 1, 2002 | url-access=subscription}}
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).{{cite news | url=https://www.bizjournals.com/atlanta/stories/2003/10/20/daily57.html | title=Digital Insight to buy Magnet Communications | work=American City Business Journals | date=October 23, 2003}}{{cite news |title=Market report: Software maker's shares fall on report |url=https://www.newspapers.com/image/776602977 |access-date=9 April 2024 |work=Newspapers.com |publisher=Ventura County Star |date=27 November 2003 |page=D2 |quote=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.}}
Also in October 2003, Jeffrey Stiefler was named CEO of the company.
On February 7, 2007, Intuit acquired the company for $1.35 billion.{{cite press release | url=https://www.businesswire.com/news/home/20070207005616/en/Intuit-Completes-Acquisition-Digital-Insight | title=Intuit Completes Acquisition of Digital Insight | publisher=Business Wire | date=February 7, 2007}}
In October 2008, the company introduced the consumer version of FinanceWorks{{cite news | url=https://www.americanbanker.com/news/intuit-launches-financeworks-out-of-pilot-phase | title=Intuit Launches FinanceWorks out of Pilot Phase | first=Glen | last=Fest | work=American Banker | date=October 1, 2008 | url-access=subscription}} and in December 2008, the small business version was launched.{{cite news | url=https://money.cnn.com/galleries/2008/smallbusiness/0810/gallery.Finovate.smb/7.html | title=Optimize your budget | work=CNN | date=October 28, 2008}}
In September 2013, John O’Malley was named CEO of the company.{{cite press release | url=https://www.businesswire.com/news/home/20130923006473/en/Digital-Insight-Names-John-O%E2%80%99Malley-New-CEO | title=Digital Insight Names John O'Malley as New CEO | publisher=Business Wire | date=September 23, 2013}}
On August 1, 2013 Thoma Bravo acquired Intuit Financial Services for $1.025 billion.{{cite press release| url=https://www.businesswire.com/news/home/20130801006705/en/Thoma-Bravo-Completes-Acquisition-Intuit-Financial-Services | title=Thoma Bravo Completes Acquisition of Intuit Financial Services; Newly Launched as Digital Insight | publisher=Business Wire | date=August 1, 2013}}
On January 10, 2014, NCR Corporation acquired the company for $1.65 billion.{{cite press release| url=https://www.businesswire.com/news/home/20140110005677/en/NCR-Completes-Acquisition-Digital-Insight | title=NCR Completes Acquisition of Digital Insight | publisher=Business Wire | date=January 10, 2014}}{{cite news | url=https://www.americanbanker.com/news/ncr-closes-digital-insight-deal | title=NCR Closes Digital Insight Deal | first=Sarah | last=Todd | work=American Banker | date=January 10, 2014}}
In 2015, the company integrated EyeVerify's eye vein recognition technology, called Eyeprint ID, into its mobile banking platforms.{{cite news | url=https://www.americanbanker.com/news/digital-insight-eyeverify-to-offer-eye-vein-based-security-for-mobile-apps | title=Digital Insight, EyeVerify to Offer Eye Vein-Based Security for Mobile Apps | first=Jacob | last=Passy | work=American Banker | date=February 12, 2015}}
On August 6, 2024, NCR Voyix entered an agreement to sell their digital banking platform to Veritas Capital for $2.45 billion.{{cite news | url=https://www.ncrvoyix.com/newsroom/ncr-voyix-enters-definitive-agreement-to-sell-digital-banking-to-veritas-capital-for-2-45-billion-purchase-price
| title=NCR Voyix Enters Definitive Agreement to Sell Digital Banking to Veritas Capital for $2.45 Billion Purchase Price | date=August 6, 2024}}
References
{{Reflist|1}}
{{Dot-com Bubble}}
Category:Software companies established in 1995
Category:Banking software companies
Category:1995 establishments in California
Category:1999 initial public offerings
Category:2007 mergers and acquisitions
Category:2014 mergers and acquisitions
Category:Companies based in Redwood City, California