Q2 Buys Social Money For $10.6M

Austin-based Q2 Holdings, which develops cloud-based banking software, said today that it has acquired Social Money, a Des Moines, Iowa-bassed financial services software company. Q2 said it will pay $10.6M in cash for Social Money. Q2 said the acquisition will help its financial institution customers better serve segments such as millennials and the underbanked. Q2 said it will be rebranding and offering up Social Money's technology to clients starting in 2016.