Q2 Holdings, a provider of cloud-based banking technology, has acquired Social Money.

Q2, in Austin, Texas, paid $10.6 million to acquire all outstanding interests in Social Money, according to a Tuesday news release. The purchase price was subject to a customary working capital adjustment.

Social Money, in Des Moines, Iowa, makes the SmartyPig product, a cloud-based platform that allows community banks and credit unions to offer digital banking.

"The digital banking experience matters when it comes to reaching millennials and retaining existing account holders," Matt Flake, Q2's chief executive, said in the release.

Q2 plans to rebrand Social Money's product, starting next year.