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EFunds buys Penley and Loss Control Solutions

21 April 2004  |  4401 views  |  0 EFunds buys Penley and Loss Control Solutions

US e-payments firm eFunds Corporation has acquired Penley, a provider of anti-money laundering and compliance software and Loss Control Solutions (LCS) which supplies fraud investigation case management software.

EFunds paid an aggregate initial purchase price of approximately $6 million for both businesses, which it says was funded from existing cash on hand.

Penley's customer verification software and LCS's case management systems will be incorporated into eFund's ChexSystems product suite. Paul Walsh, chairman and CEO, eFunds Corporation, says: "These acquisitions will allow eFunds to offer an integrated platform for risk management, fraud prevention and revenue optimisation."

Walsh says the acquisitions will also provide eFunds with an entry point to extend its products into the credit card, insurance and broker dealer markets.

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