Bank Shot; nCino, Inc. (Nasdaq: NCNO) Acquires Sandbox Banking

nCino, Inc. (NCNO), the leading provider of intelligent, best-in-class banking solutions, today announced the acquisition of Sandbox Banking, a digital transformation leader serving the financial services industry. This acquisition strengthens nCino's ability to enhance data connectivity and streamline operations for banks and credit unions through an industry-leading Integration Platform as a Service (iPaaS) solution for a more intelligent and harmonious technology platform.

?Financial institutions frequently build new connections to support emerging products, user workflows, or external systems, but digital transformation is often slowed by time-consuming and costly integration challenges. By leveraging Sandbox Banking's technology, nCino will offer an integration hub to help financial institutions simplify these projects, eliminate redundancies, and seamlessly align data across core and ancillary banking systems, thereby driving key process improvements and accelerating the speed at which projects are implemented and live. This innovative approach enables financial institutions to rapidly deliver omnichannel experiences for their customers and provides secure, efficient, and cost-effective system interoperability without technical bottlenecks.

?“We’ve closely partnered with Sandbox Banking for years through many integration projects, so we’ve seen first-hand how this technology layer improves transparency, reduces integration friction, accelerates project timelines, and creates a hub for better data connectivity,” said Chris Gufford, Chief Product Officer at nCino. “Banks and credit unions face critical demands for operational efficiency and regulatory compliance. This acquisition gives nCino a better ability to empower these institutions with a flexible, reliable data environment for greater agility to quickly integrate third party systems, AI and new technologies without disruptions.”

?“Today’s financial institutions are navigating complex challenges, from managing siloed data systems to launching tech-enabled products quickly. Our combined resources offer banks and credit unions practical tools to turn these challenges into opportunities for growth and customer delight,” added Ravi Balasubramanian, CEO & Co-founder, Sandbox Banking. “By reducing manual workflows and providing a seamless path to digital transformation, nCino and Sandbox Banking are making it simpler for financial institutions to remain agile, scalable, and competitive in the modern market. We’re excited to become a part of nCino and double down on that impact.”?

Walgreens must pay $988 million arbitration award

?Arbitration did not bold well for Walgreens as the US pharmacy chain Walgreens has challenged a US $988 million award in a dispute over covid-19 testing – alleging the sole arbitrator exceeded his authority and was biased because of a “devastating family tragedy”.

?Per Reuters, U.S. District Judge Richard Andrews rejected Walgreens' argument that the arbitrator's decision in a contract dispute over COVID-19 testing was “egregious and improper.” Andrews sided with PWNHealth and affirmed the award, finding no evidence that the arbitrator exceeded his authority or showed bias.

?Moreover, Walgreens Boots Alliance, Inc. (NASDAQ: WBA), currently trading at $9.97 with a market capitalization of $8.62 billion, has been ordered by a Delaware federal court to uphold an arbitration award of $988 million. The decision, confirmed on Monday, stems from a dispute with Everly Health Solutions, previously known as PWNHealth LLC.

?The conflict began when Everly/PWN initiated arbitration on June 10, 2022, accusing Walgreens of breaching an exclusivity agreement by internalizing services related to Covid testing oversight, previously managed by Everly/PWN. Additional allegations included fraudulent inducement and misuse of PWN's trademark.

?Despite the arbitrator's decision on March 19, 2024, awarding Everly/PWN the substantial sum, which includes pre-award interest, Walgreens contested the ruling. The company highlighted a contractual damage cap within the agreement, limiting liability to $79 million. This legal obligation comes at a challenging time for Walgreens, which carries a total debt of $31.7 billion and maintains a concerning current ratio of 0.64, indicating potential liquidity constraints according to InvestingPro metrics.

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