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CheckFree Strengthens Investment Services Leadership with Acquisition of Upstream Technologies LLC

email this aricle - CheckFree Strengthens Investment Services Leadership with Acquisition of Upstream Technologies LLC - Atlanta - 21 May 2007 print this article - CheckFree Strengthens Investment Services Leadership with Acquisition of Upstream Technologies LLC - Atlanta - 21 May 2007
CheckFree Corporation (Nasdaq: CKFR - News) today announced that it has signed a definitive agreement to acquire substantially all of the assets of Upstream Technologies LLC, a Boston-based provider of advanced investment decision support and trade order management tools to the investment management marketplace.

The business will be integrated with the CheckFree Investment Services Division, which provides the market-leading platform for the managed accounts industry, including portfolio management, client reporting and the largest data network available to broker/dealers, money managers and investment consultants. The CheckFree Investment Services Division is headquartered in Jersey City, New Jersey.

This acquisition enables CheckFree to deliver the Upstream web-based model management, decision support, trading and real-time order management tools as complementary capabilities to the CheckFree core platform today, addressing key customer priorities. The Upstream Model Management System (MMS), Investment Management System (IMS), and Order Management System (OMS) can be integrated with CheckFree's existing platform and is expected to serve as the front end for future CheckFree investment management platforms.

"With our agreement to acquire Upstream, CheckFree is reaffirming its commitment to technology and industry leadership in the managed accounts market, with key functionality that clients have been requesting," said Michael Gianoni, executive vice president and general manager of the CheckFree Investment Services Division.

"The addition of Upstream's skilled engineering team, as well as its highly regarded decision support, trading and order management platform, will enable us to deliver the best-in-class platform to our customers, and position us to continue our industry-leading position in managed accounts," Gianoni continued. "This is a significant step forward in executing on the CheckFree strategy for the investment management and wealth management industry."
CheckFree is acquiring the assets of Upstream for $28 million in cash, and the transaction, which is subject to customary closing conditions, is expected to close by the end of May. The transaction is expected to be inconsequential to revenue and earnings per share for the fourth quarter of fiscal 2007.

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