ACI Worldwide, the Florida-headquartered online payments systems provider, has announced a deal to purchase the online banking and bill payment vendor Online Resources for $263m at $3.85 a share.
Both companies’ boards have approved the deal, which is expected to close by the end of March 2013.
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Online Resources provides services to over 1,000 financial institutions and processes over 245m bill payment transactions annually.
According to ACI Worldwide, the acquisition will broaden their customer base with the addition of 1,000 banks, credit unions, billers, credit card issuers, and other credit and payment service providers.
Philip Heasley, president and CEO of ACI Worldwide, said ACI and Online Resources were "well-aligned" in their focus on providing payment solutions with choice and flexibility.
He said: "I believe the combination of the two companies will allow the Online Resources product suite to achieve its full potential in the banking and biller markets, providing even better services and functionality for our clients and customers."
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