nCino extends Salesforce partnership to 2031; expects subscription gross margin improvement

nCino, Inc.

Amendment to Salesforce agreement extends term through January 31, 2031.
Annual minimum revenue commitment for first four fiscal years; consistent with expected FY2024 fees.
Updated commercial terms expected to improve nCino's subscription gross margins over next four years.
Deeper integration with Salesforce CRM, AI, and Financial Services Cloud for loan origination and account opening.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

nCino, Inc. entered into Amendment to Partner Application Distribution Agreement (Salesforce Agreement) with Salesforce, Inc. valued at Annual minimum revenue commitment; extension of term through January 31, 2031 (effective 2023-12-20).

Action: entry
Agreement: supply
Counterparty: Salesforce, Inc.
Value: Annual minimum revenue commitment; extension of term through January 31, 2031
Effective: 2023-12-20

Exact text from the filing

On December 20, 2023, nCino OpCo, Inc., a wholly-owned subsidiary of nCino, Inc. (the “Company”), entered into an amendment (the “Amendment”) to the Partner Application Distribution Agreement (the “Salesforce Agreement”), effective June 19, 2020, with Salesforce, Inc. (“SFDC”).

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nCino, Inc. filing history →

Source: SEC EDGAR

accession 0001902733-23-000081

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