CPE News (10.4.2022) – Q2 Holdings, Inc. (NYSE: QTWO) has acquired Sensibill. Financial terms were not disclosed.
Toronto based Sensibill is a leading customer data platform that ingests and enriches large streams of SKU-level transaction data from primary sources in real-time. Through its AI-powered technology, Sensibill provides high-value, actionable insights for financial institutions and their customers to both run their businesses better and support their financial wellbeing.
Co-founded by Corey Gross, Sensibill had raised $62 million in Series A and Series B funding from Radical Ventures, NAVentures (National Bank of Canada), Information Venture Partners, First Ascent Ventures, Operative Capital, Mistral Venture Partners, Impression Ventures. It had also raised $5 million in venture debt from CIBC Innovation Banking. (source: Canadian Financings).
photo credit: Sensibill
Q2 Acquires Sensibill to Enhance Data Insights for Financial Institutions and their Customers
Sensibill’s award-winning AI-powered platform captures SKU-level spend data to unlock insights that can help financial institutions and fintechs better serve their account holders
October 04, 2022 09:00 AM Eastern Daylight Time
AUSTIN, Texas–(BUSINESS WIRE)–Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, today announced its acquisition of Sensibill, a privately held company founded in 2013 and headquartered in Toronto, Canada. Sensibill’s machine learning platform enables financial institutions to capture and categorize granular spending details in order to better understand and serve their small business and consumer account holders throughout their financial journey.
“Delivering differentiated and personalized experiences through the digital channel is a top priority,” said Kirk Coleman, chief banking officer of Q2. “Sensibill’s solution enables financial institutions to better understand the spending behaviors of their account holders, positioning them to deliver tailored products and services, drive loyalty and increase engagement. Everyone at Q2 is excited to welcome the talented Sensibill team.”
Sensibill enables small and medium-sized businesses to automate and streamline expense management, which can help financial institutions increase engagement with this critical customer base. This acquisition complements the capabilities of Q2 Catalyst, Q2’s end-to-end commercial banking suite designed to help financial institutions win, onboard, serve, and grow business client relationships. In addition, the acquisition of Sensibill bolsters Q2’s comprehensive data strategy to deliver actionable insights that help financial institutions operate their business, secure their customers, personalize experiences, and drive deeper engagement. Sensibill will enrich Q2’s data portfolio with granular SKU-level data and enhance the potential of Q2’s machine learning capabilities.
“We are excited to join the Q2 team to make financial wellness more attainable for all,” said Corey Gross, co-founder and CEO of Sensibill. “Q2 is a recognized leader in digital banking and lending and, by joining forces, we will empower more financial institutions and fintechs with greater insights into their account holders’ spending habits, helping them manage their businesses better and supporting their financial wellbeing.”
Financial terms of the transaction, which was closed on October 3, 2022, were not disclosed.
INFOR Financial Group served as exclusive financial advisor to Sensibill Inc.
For more information about Q2, visit www.Q2.com.
About Q2 Holdings, Inc.
Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. With comprehensive end-to-end solution sets, Q2 enables its partners to provide cohesive, secure, data-driven experiences to every account holder – from consumer to small business and corporate. Headquartered in Austin, Texas, Q2 has offices throughout the world and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com.
Founded in 2013 and headquartered in Toronto, Canada, Sensibill is a leading customer data platform that ingests and enriches large streams of SKU-level transaction data from primary sources in real-time. Through its AI-powered technology, Sensibill provides high-value, actionable insights for financial institutions and their customers to both run their businesses better and support their financial wellbeing.
This press release contains forward-looking statements, including statements about: the capabilities and benefits of the Sensibill solution and of the acquisition to Q2 and Q2’s customers. The forward-looking statements contained in this press release are based upon Q2’s historical performance and its 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 Sensibill and its technology and personnel; (b) risks related to the performance of the Sensibill solution and the execution of the combined plans, strategies and forecasts, including with respect to Sensibill’s SKU level spend data capture 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 Sensibill 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; (h) regulatory risks, including risks related to evolving regulation of artificial intelligence, machine learning and the receipt, collection, storage, processing and transfer of data; and (i) such other risks and potential factors that could affect our business and financial results as are identified in Q2’s filings with the Securities and Exchange Commission.
Additional information relating to the uncertainty affecting the Q2 business is contained in Q2’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Q2’s website at http://investors.Q2.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.
Q2 Holdings, Inc.
Q2 Holdings, Inc.