Retail banking solutions vendor Corillian has acquired privately-held Hatcher Associates, a software integration, implementation and consulting firm focused on applications for consumer banking.
Under the terms of the agreement, Corillian will issue up to 1,829,186 shares of its common stock to the shareholders of Hatcher Associates. The maximum purchase price is approximately $24 million, based on a price of $12.84 for each Corillian share.
Once the deal is finalised, Hatcher Associates will be a wholly-owned subsidiary and will change its name to Corillian Services.
Ted Spooner, president and CEO of Corillian explains: "Our customer base has grown significantly and this acquisition allows us to continue meeting the needs of those customers, while adding additional expertise and knowledge to our implementation teams."
Hatcher Associates has over 90 professionals working in seven countries. It has implemented projects at over 40 banks in North and South America, Europe, Hong Kong, Australia and New Zealand.