Q2 of Austin Buys Social Money for $10.6 Million

WEBSITELOGOQ2 Holdings, an online banking company, announced this week the acquisition of Social Money, a financial services software company based in Des Moines, Iowa for $10.6 million.

The Austin-based company, traded on the New York Stock Exchange under the symbol QTWO, said Social Money is best known for its cloud-based platform called SmartyPigproduct that assists financial institutions.

“Social Money’s technology portfolio and expertise make this a strategic acquisition that will help Q2’s customers expand their reach, grow market share and engage account holders,” Matt Flake, president and CEO of Q2 said in a news release. “The digital banking experience matters when it comes to reaching millennials and retaining existing account holders. We are committed to providing community financial institutions innovative technology specifically designed for the increasingly digital modern consumer, and I believe the addition of Social Money will help us do just that.”

Q2 plans to rebrand Social Money and offer its technology to customers next year. Meanwhile, Social Money will continue its relationship with existing clients.

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