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Q2 Holdings to buy banking technology firm for $510M

Q2 Holdings Inc. agreed to acquire Lender Performance Group LLC, also known as PrecisionLender, in a cash deal worth about $510 million.

Q2 Holdings provides digital solutions to banks and other financial institutions. Charlotte-based PrecisionLender is a software-as-a-service provider of sales, pricing and portfolio management solutions to financial institutions. About 150 banks globally use PrecisionLender's platform to negotiate and structure commercial lending deals.

The deal is expected to close in the fourth quarter.

Jefferies LLC is the financial adviser of Q2 Holdings in the deal, while DLA Piper LLP (US) is its legal counsel. William Blair & Co. LLC is the financial adviser of PrecisionLender and Cozen O'Connor is the company's legal counsel.