Digital Insight was an American provider of online banking software for banks and credit unions, headquartered in California. Founded in 1995 by Paul Fiore and Daniel Jacoby,[1] the company grew rapidly during the late 1990s, went public during the dot-com boom in 1999, and expanded through a series of acquisitions. In 2007, it was purchased by Intuit and rebranded as Intuit Financial Services.[2] The business was later sold to private equity firm Thoma Bravo in 2013,[3] restored to the Digital Insight name, and acquired by NCR Corporation in 2014 as part of its digital banking division.[4] In August 2024, NCR Voyix agreed to sell the division to Veritas Capital, after which it became part of Candescent.[5]
History
The company was founded in July 1995 by Paul Fiore and Daniel Jacoby.[6]
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.[7]
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.[7]
In April 1997, the company raised $6 million from Menlo Ventures.[8]
In September 1997, the company acquired RJE Internet Services, a developer of bank websites.[9]
In March 1998, the company raised $3 million from Menlo Ventures and $5 million from HarbourVest Partners.[10]
In October 1998, John Dorman became CEO of the company.
In February 2000, the company acquired nFront.[13]
In April 2000, the company acquired 1View Network.[14]
In July 2000, the company acquired AnyTime Access for $140 million.[15][16]
In February 2002, the company acquired Virtual FinancialServices for $51 million.[17]
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).[18][19]
Also in October 2003, Jeffrey Stiefler was named CEO of the company.
On February 7, 2007, Intuit acquired the company for $1.35 billion.[20]
In October 2008, the company introduced the consumer version of FinanceWorks[21] and in December 2008, the small business version was launched.[22]
In September 2013, John O’Malley was named CEO of the company.[23]
On August 1, 2013 Thoma Bravo acquired Intuit Financial Services for $1.025 billion.[24]
^"Market report: Software maker's shares fall on report". Newspapers.com. Ventura County Star. 27 November 2003. p. D2. Retrieved 9 April 2024. 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.
