Urban FT says that struggling remote deposit capture vendor Digiliti Money has turned down a takeover offer.
In a statement, SaaS-based digital banking platform Urban FT says that Digiliti has rejected its "lifeline" offer, which following initial due diligence valued the firm at $10.5 million on a net equity basis.
Urban FT emerged as a surprise bidder for Digiliti Money earlier this month, just a day after the beleaguered remote deposit capture company warned that it was contemplating bankruptcy after auditors refused to sign off on its financial accounts for 2016.
But, with the offer in, Digiliti proposed alternative terms which Urban FT "considered unreasonable and unacceptable under the circumstances," says the statement.
Kasey Kaplan, president, Urban FT, says: "The Digiliti business is fundamentally good one, with good staff, good technology and good clients. We will leave our offer on the table for acceptance by Digiliti until close of business on August 31."
He adds: "Placing Digiliti into bankruptcy, if that’s what the Board is considering, would be a great loss to all of those stakeholders and would truly disrupt so many organizations that rely on Digiliti’s services every day.”