US financial technology vendor Fundtech has acquired Accountis, a UK provider of electronic invoice presentment and payment (EIPP) systems, for a total consideration of £5.8 million in cash.Under the terms of the definitive agreement, Fundtech paid £3.8 million in cash at closing and will pay an additional amount of up to £2.0 million in cash over the next three years based on the financial performance of Accountis.
Wales-based Accountis provides e-invoicing, e-payment and e-document exchange services to companies such as ICICI Bank, DHL, Virgin Retail, Goodyear Dunlop, Marconi and T-Mobile. For the 12 months ending 31 December 2007 Accountis reported un-audited revenues of approximately £1.0 million, says Fundtech.
Fundtech, which already offers payments, cash management and settlement systems, says the deal extends its corporate banking portfolio and adds to its capabilities in "enabling the emerging financial supply chain".
"The acquisition of Accountis is an important step in Fundtech's growth plan as we leverage new technology to expand our market leadership to encompass the financial supply chain," says Reuven Ben Menachem, CEO of Fundtech.
Twitter
Daily newsletter