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Goldleaf buys Alogent

17 January 2008  |  3439 views  |  0 handshake

Tennessee-based Goldleaf Financial Solutions has acquired Alogent Corporation, a provider of deposit automation technology to financial institutions, for a total consideration of $42.5 million.

Goldleaf says the purchases price consists of $32.9 million in cash, a $7 million convertible note at $4.50 per share and $2.6 million in common stock.

Founded in 1995, Atlanta-based Alogent sells technology that helps banks convert from paper-based to electronic payment processing.The firm's clients include HSBC, JPMorgan Chase, KeyBank and SunTrust.

Goldleaf, which provides Internet services to US community banks, says the deal will strengthen its position in converging payments and creates cross-selling opportunities.

Alogent will become a business unit of Goldleaf and some members of the management team will stay with the company.

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