Shares of SoFi Technologies plunged more than 8% Tuesday after the fintech said it is buying the banking software provider Technisys for $1.1 billion in stock.
Technisys shareholders will receive about 84 million shares of SoFi (ticker: SOFI) stock, which is less than 10% of SoFi’s fully diluted share count. The transaction is expected to close by the second quarter, a statement from SoFi said.
“Technisys…