Exhibit 99.1
Q2 Holdings, Inc., Enters Agreement to Acquire Cloud Lending, Inc.
AUSTIN, Texas (August 8th, 2018)—Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of secure, experience-driven digital banking solutions for community-focused financial institutions, has announced an agreement to acquire San Mateo, California-based Cloud Lending, Inc., a privately-held SaaS company that provides an integratedend-to-end lending and leasing platform.
Through their platform, Cloud Lending helps lenders close more loans, generate more revenue, and provide a better experience to borrowers throughout the loan process.
“By acquiring Cloud Lending, we will be able to help our community and regional financial institutions more effectively manage and grow their lending portfolios—their fundamental income-generating activity,” said Matt Flake, CEO, Q2. “There’s a substantial market opportunity for digital lending, and the addition of Cloud Lending’s talented team and next generation technology solutions will help Q2 expand our footprint in existing markets, as well as enter new ones.”
As a part of Q2 Holdings, Inc., Cloud Lending will benefit from the scale, infrastructure, and resources of its larger parent company.
“The inspiration for Cloud Lending came from our first-hand experience with the impact credit can make in the life of an individual or business,” said Snehal Fulzele, CEO, Cloud Lending, Inc. “This partnership means more lenders will provide greater access to credit for more people and businesses across the globe. Cloud Lending’s team members are excited to partner with Q2 and to continue delivering on our proven track record of innovation in digital lending and leasing.”
The transaction has been approved by the boards of directors of both Q2 and Cloud Lending. Consummation of the proposed transaction is subject to customary closing conditions. The closing of the transaction is expected to occur in the fourth quarter 2018.
About Q2 Holdings, Inc.
Q2 is a leading provider of secure, experience-driven digital banking solutions headquartered in Austin, Texas. The company is driven by a mission to build stronger communities by strengthening their financial institutions. Q2 provides the industry’s most comprehensive digital banking platform, enriched through actionable data insights, open development tools and an evolving fintech ecosystem. It helps clients elevate the experience, drive efficiency and grow faster. To learn more about Q2, visit www.q2ebanking.com.
About Cloud Lending, Inc.
Cloud Lending is the next-generation, cloud-based lending and leasing platform of choice for leading lenders. Theend-to-end lending platform simplifies the borrower experience, increases application volumes, accelerates loan decisioning, and reduces operational inefficiencies through digitization and automation. Offering solutions for consumer, commercial, small business, construction and equipment leasing, Cloud Lending’s proven platform solution means lenders can grow their loan portfolio with one partner, eliminating costs and reducing middle and back office operational churn. To learn more, visit Cloud Lending at https://www.cloudlendinginc.com.