ACI Worldwide is to buy online banking and bill payments firm, Online Resources, for $260m at $3.85 per share, as it seeks to further strengthen its established position in the payments arena.
Online Resources provides electronic bill presentation and payment technology to aid banking processes and has in excess of 1,000 financial institution (FI) clients and billers around the word as customers, processing more than 245m transactions per year.
The synergies between the two payments processing firms are thought to have been one of the key attractions of the deal to ACI, along with the customer acquisition. According to Philip Heasley, president and chief executive officer (CEO) of ACI Worldwide: "Online Resources' robust product set and talented employee base of online banking and payment experts is well-aligned with this focus and our desire to lead in a category undergoing accelerating change."
The deal is expected to complete by the end of Q1 2013.