Royalties, shmoyalties. Miguel Santos, a fintech entrepreneur and former DJ, has cashed out on his innovative company, Technisys.
Santos recently sold the banking technology company to SoFi Technologies, a publicly traded digital personal finance giant, for $1.1 billion. Conceived more than 20 years ago, Technisys will now provide cloud-based digital banking solutions for SoFi.
Santos may be best known for his role as founder and CEO of Technisys, but he's also a longtime DJ and house music producer.
Santos has an affinity for techno and melodic house music, often attending shows featuring the likes of electronic music legends such as Hernan Cattaneo, Solomun and more. Check out one of his own DJ mixes, which was recorded and uploaded in 2021, below.
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According to the merger agreement, Technisys' shareholders will receive consideration of approximately 84 million shares of SoFi common stock. The acquisition is expected to add a cumulative $500 to $800 million in SoFi revenue through 2025, per a press release issued to announce the merger.
"The project they approached us with is spectacular and accelerates all the plans we already had," Santos said in a statement. "They put an amazing offer in front of us."
Even with a life-changing buyout and payday, Santos isn't going anywhere. He will remain at the helm of the company and aid in its transition into the SoFi Technologies ecosystem.
"The idea is that Technisys continues as an independent company serving all its clients, now with a different scale, perspective, and access to investment," Santos continued. "I'm staying with the company with the whole team. I'm not going to miss out on such a great opportunity that lies ahead of us."