Corillian looking to acquire supplier for $5.5 million

Corillian looking to acquire supplier for $5.5 million

Online banking vendor Corillian has signed a letter of intent to acquire an unidentified company that supplies it with products and services for $5.5 million.

In a filing with the US Securities and Exchange Commission, Corillian says it will issue its common stock for 40% of the purchase price and pay cash for the rest.

The deal is subject to the completion of due diligence and corporate and third-party approvals.

Corillian has not identified the target.

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