Q2 Holdings Inc. paid about $65 million to buy Minneapolis-based fintech company ClickSwitch Holdings Inc., it disclosed in a quarterly filing with the SEC.
The deal was announced on April 1, though the price tag wasn't disclosed at the time. Q2 (NYSE: QTWO) is an Austin, Texas-based financial software firm. At the time, ClickSwitch CEO Cale Johnston said his company and its about 50 employees will remain in Minneapolis and it will continue to hire here. ClickSwitch's headquarters is in the North Loop's Loose-Wiles Building.
But the future of the ClickSwitch brand is unclear. The firm currently markets itself as "a Q2 company." Q2 had revenues of $116.5 million in the first quarter of 2021 and a net loss of $25.7 million.
Before its acquisition, ClickSwitch had raised nearly $20 million in venture capital, including a $2 million round in 2020 and a $13 million round in 2019 led by San Francisco-based Commerce Ventures and Point72 Ventures, which is run by billionaire investor Steve Cohen
