Digital Insight was a provider of

online banking Online banking, also known as internet banking, web banking or home banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial inst ...

software to banks and credit unions. It also designed FinanceWorks, a product that allowed customers to manage their finances. In 2014, the company was acquired by and folded into

NCR Corporation NCR Corporation, previously known as National Cash Register, is an American software, consulting and technology company providing several professional services and electronic products. It manufactures self-service kiosks, point-of-sale termin ...

History

The company was founded in July 1995 by Paul Fiore and Daniel Jacoby. In February 1996, the company raised $1.1 million in

seed money Seed money, sometimes known as seed funding or seed capital, is a form of securities offering in which an investor invests capital in a startup company in exchange for an equity stake or convertible note stake in the company. The term ''seed'' su ...

from the founders' former employer, XP Systems, and received its first client, Community Credit Union, of

Plano, Texas Plano ( ) is a city in Collin County, Texas, Collin County and Denton County, Texas, United States. It had a population of 285,494 at the 2020 United States census, 2020 census. It is a principal city of the Dallas–Fort Worth metroplex. Hist ...

. 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. In April 1997, the company raised $6 million from

Menlo Ventures Menlo Ventures is a venture capital firm based in Menlo Park, California with an additional office in San Francisco, California. The firm was founded as one of the earliest venture capital firms in Silicon Valley in 1976 and provides technology ...

. In September 1997, the company acquired RJE Internet Services, a developer of bank websites. In March 1998, the company raised $3 million from Menlo Ventures and $5 million from

HarbourVest Partners HarbourVest Partners is a private equity fund of funds and one of the largest private equity investment managers globally. The firm invests in all types of private equity funds, including venture capital and leveraged buyout funds, and also dire ...

. In October 1998, John Dorman became CEO of the company. On October 1, 1999, during the

dot-com bubble The dot-com bubble (dot-com boom, tech bubble, or the Internet bubble) was a stock market bubble in the late 1990s, a period of massive growth in the use and adoption of the Internet. Between 1995 and its peak in March 2000, the Nasdaq Compo ...

, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

. After pricing at $15 per share, the stock rose to $32 per share on its first day of trading, up 114%. In February 2000, the company acquired nFront. In April 2000, the company acquired 1View Network. In July 2000, the company acquired AnyTime Access for $140 million. In February 2002, the company acquired Virtual FinancialServices for $51 million. In October 2003, the company acquired Magnet Communications for $33.5 million in cash and 1.45 million shares of Digital Insight common stock. Also in October 2003, Jeffrey Stiefler was named CEO of the company. On February 7, 2007,

Intuit Intuit Inc. is an American business software company that specializes in financial software. The company is headquartered in Mountain View, California, and the CEO is Sasan Goodarzi. Intuit's products include the tax preparation application Tu ...

acquired the company for $1.35 billion. In October 2008, the company introduced the consumer version of FinanceWorks and in December 2008, the small business version was launched. In September 2013, John O’Malley was named CEO of the company. On August 1, 2013

Thoma Bravo Thoma Bravo, LP, is an American private equity and growth capital firm with offices in San Francisco, Chicago and Miami. It is known for being particularly active in acquiring software companies and has over $114 billion in assets under manage ...

acquired Intuit Financial Services for $1.025 billion. On January 10, 2014,

acquired the company for $1.65 billion. In 2015, the company integrated

EyeVerify EyeVerify, Inc. is a biometric security technology company based in Kansas City, Missouri owned by Ant Group. Its chief product, Eyeprint ID, provides verification using eye veins and other micro-features in and around the eye. Images of the hum ...

's eye vein recognition technology, called Eyeprint ID, into its mobile banking platforms.

References

{{Dot-com Bubble Software companies established in 1995 Banking software companies 1995 establishments in California 1999 initial public offerings 2007 mergers and acquisitions 2014 mergers and acquisitions Companies based in Redwood City, California Defunct software companies of the United States Dot-com bubble NCR Corporation