PrecisionLender, a software company for commercial banks, will be acquired by Q2 Holdings, Inc., the company said in a press release Tuesday.

The two companies announced their agreement in a cash transaction valued at approximately $510 million.

PrecisionLender’s platform Andi is used in approximately 150 banks globally for pricing and profitability data, resulting in more than $1.7 trillion of transactions annually.

Q2 Holdings, a digital banking solutions company headquartered in Austin, Texas, says the acquisition will further the company’s goal of improving margins and increasing overall profitability.

“The combination of PrecisionLender, Cloud Lending and our expanding corporate banking capabilities position Q2 as the leader in digital transformation solutions for commercial banking,” said Matt Flake, CEO of Q2.

PrecisionLender will operate in its usual manner under Q2 Holdings, and will be provided with additional infrastructure and support.