The acquisition furthers Q2’s commitment to accelerating the development and adoption of innovative secure banking platform solutions for community financial institutions across the country.
Centrix Solutions will now be branded as Centrix Solutions, a Q2 company. Centrix’s co-founder and president Tim Schnell will continue to run the business and report directly to Q2’s CEO Matt Flake.
"Centrix Solutions is known for first-class offerings and highly impressive customer service. We plan to further that reputation by investing in and growing Centrix. Their vision, culture and commitment to community financial institutions matches the vision and standards we have at Q2," said Matt Flake, president and CEO of Q2.
"Our companies have been working together since 2007. Now we have the ability to advance our product offerings together and ensure that our community financial institutions are always getting the very best when it comes to managing risk and mitigating fraud."
The acquisition of Centrix provides Q2 with the ability to deliver additional expertise and solutions that strengthen Q2’s security, compliance and risk management capabilities and offerings. Centrix and Q2 have partnered together for years with many mutual clients, making today’s acquisition a natural extension of that relationship.
Centrix’s product offerings are complementary to the Q2 platform and vice versa, which will continue to allow for smart cross-marketing to credit union and community banks alike. Centrix has a loyal following with several of the leading digital banking and core processing vendors in Q2’s market and is serving over 316 credit union and community bank clients across the country.
"It’s an exciting day for us here at Centrix. When it comes to virtual banking, no brand is more respected than Q2 among community financial institutions. Being a part of Q2 bolsters not only our resources but our infrastructure, empowering us to advance our business while continuing to serve our clients at the rate and with the quality we are known for," said Tim Schnell, co-founder and president of Centrix.
"It’s a smart union in that we are able to tap into the robust infrastructure Q2 has established, allowing us to focus on our mission of delivering innovative products and services to the vast number of community financial institutions both companies are committed to serving."
Q2 plans to support Centrix in conducting business in the manner that has made them a trusted brand while providing them with the infrastructure and technology support to advance product offerings across the three areas in which Centrix is so respected, including treasury management, compliance and risk management and bank operations solutions.
Q2 acquired all of the outstanding capital stock of Centrix in exchange for $20 million cash payable at closing, subject to a customary working capital adjustment. The former shareholders of Centrix also have the right to receive in the aggregate up to an additional $9 million based upon the achievement of certain milestones and the continued employment of certain shareholders.
