US-based eFunds Corporation has signed a definitive agreement to acquire the assets of Canadian payments software vendor, Oasis Technology, for $28 million in cash.
Paul Walsh, chairman and chief executive officer of eFunds, says: "Oasis, with 150 customers in 75 countries around the world, is an innovative organization with a leading suite of payment products built on open architecture that will add breadth to our current offering and geographical depth to our market reach."
EFunds says the combined organisation will now serve more than 200 software customers in over 80 countries.
Oasis Technology's flagship IST suite features payments processing software for processors and service providers, issuing and acquiring financial institutions, card associations and retailers. The Toronto-based company's clients include ABN AMRO, American Express, Citibank, Golden Card (China), MasterCard, National Processing Company and Visa International.
The acquisition is expected to close by the end of the fourth quarter 2003. EFunds anticipates that the transaction will be accretive in 2004 and beyond.