Royalties, shmoyalties. Miguel Santos, a fintech entrepreneur and former DJ, has cashed out on his modern firm, Technisys.
Santos lately offered the banking know-how firm to SoFi Applied sciences, a publicly traded digital private finance big, for $1.1 billion. Conceived greater than 20 years in the past, Technisys will now present cloud-based digital banking options for SoFi.
Santos could also be finest recognized for his function as founder and CEO of Technisys, however he is additionally a longtime DJ and home music producer.
Santos has an affinity for techno and melodic home music, usually attending reveals that includes the likes of digital music legends resembling Hernan Cattaneo, Solomun and extra. Try considered one of his personal DJ mixes, which was recorded and uploaded in 2021, beneath.
In line with the merger settlement, Technisys’ shareholders will obtain consideration of roughly 84 million shares of SoFi widespread inventory. The acquisition is anticipated so as to add a cumulative $500 to $800 million in SoFi income by means of 2025, per a press release issued to announce the merger.
“The mission they approached us with is spectacular and accelerates all of the plans we already had,” Santos mentioned in an announcement. “They put an incredible provide in entrance of us.”
Even with a life-changing buyout and payday, Santos is not going wherever. He’ll stay on the helm of the corporate and support in its transition into the SoFi Applied sciences ecosystem.
“The thought is that Technisys continues as an unbiased firm serving all its shoppers, now with a unique scale, perspective, and entry to funding,” Santos continued. “I am staying with the corporate with the entire staff. I am not going to overlook out on such a terrific alternative that lies forward of us.”