The Knicks officially announced the signing of shooting guard Donte DiVincenzo on Saturday afternoon. The signing gives the team some much needed shooting and depth on the perimeter.

While the terms of the deal were not disclosed by the Knicks, the deal will be for four years and according to DiVincenzo's agent, Jason Glushon, the agreed upon deal is worth $50 million.

"We are excited to add Donte to the Knicks family and view him as a perfect fit to the culture we continue to establish," Knicks president Leon Rose wrote in a statement. "Winning is in his DNA, and he will provide us with versatility, three-point shooting and defensive tenacity."

SNY's Ian Begley previously reported there was "significant support" in signing DiVincenzo from members of the Knicks coaching staff and front office, and that there was mutual interest between the two sides.

Aside from being a clear fit for the Knicks in terms of providing depth and shooting in the backcourt, DiVincenzo has plenty of familiarity with both Jalen Brunson and Josh Hart from their days together at Villanova. DiVincenzo and Hart were teammates for two seasons, and the newest Knick was teammates with Brunson for three seasons at Nova, winning a pair of national championships along the way.

Now 26, DiVincenzo has been both a starter and a bench player over the course of his five-year NBA career, averaging 9.1 points, 4.6 rebounds, and 2.8 assists per game, while shooting 36.2 percent from beyond the three-point line.

DiVincenzo played a big role on last year's Golden State Warriors team that reached the second round of the playoffs, as he started 36 games and played in 72 total regular season games, averaging 9.4 points while shooting 39.7 percent from downtown.