ACI Worldwide to buy EBPP firm Official Payments for $109 million cash
23 September 2013 | 5604 views | 0
ACI Worldwide is to acquire electronic bill payment outfit Official Payments for $8.35 per share in an all-cash transaction valued at $109 million.
Norcross, GA-based Official Payments currently has more than 3,000 customers representing access to over 100 million end users. The company processes approximately 20 million payments and over $9 billion in volume annually, serving federal, state and local governments, municipal utilities, higher education institutions and charities.
Philip Heasley, president and CEO, ACI Worldwide says the acquisition will expand the firm's position in the electronic bill presentment and payment space and extend its footprint to new industry sectors.
"The acquisition...supports our corporate Universal Payments strategy of providing a complete set of end-to-end payment services, all enabled by our Universal Payments Platform," he says.
Earlier this year, ACI Worldwide acquired online banking and bill payments specialist Online Resources for $263 million.