Urban FT Group, a SaaS-based digital banking platform, confirmed Friday that it has entered into terms to acquire the business and certain assets of Digiliti Money Inc., the wholly owned subsidiary of publicly listed Digiliti Money Group Inc., as part of a statutory merger of Digiliti into Urban FT's affiliate, FinTech Imaging Solutions Inc.

"The merger is a fantastic outcome for both companies, their employees, and most importantly, for the clients we respectively serve," Urban FT CEO Richard Steggall said in a press release. "Our complementary client bases will benefit significantly by working with us as a single provider delivering best-in-breed remote deposit capture and digital banking solutions. Over the next 12 months, we'll focus on meeting more of our clients' needs by aggressively introducing our complete solution suite to more than 600 current clients."

The announcement concludes a nearly six-month process during which Urban FT provided significant financial support to ensure uninterrupted service to Digiliti clients and continued employment to Digiliti employees.

Subject to usual closing conditions, the merger is expected to close on or before Feb. 24. Urban FT will continue to be headquartered in New York City, with development and operations located in the Minneapolis area.

Specific terms of the merger and the parties involved were disclosed yesterday by DGLT in an 8K filing with the SEC.