Source: Online Resources
Online Resources Corporation (Nasdaq: ORCC), a leading provider of web-based financial services, today announced that it has completed its acquisition of Integrated Transaction Solutions, Inc. (ITS), the leading biller service provider to receivables management companies and utilities.
As previously announced, the acquisition price was $45 million in stock and cash. The Company expects that ITS will contribute approximately $7 million in revenue to its full year 2007 results and will be slightly accretive to core net income per share.
"I am very pleased to officially welcome ITS' staff, clients and partners to the Online Resources family," stated Robert R. Craig, executive vice president and general manager of Online Resources eCommerce Services. "The combination of our companies is a big step forward in accelerating Online Resources' growth in the biller market, a strategic area of business for us."
Online Resources (NASDAQ: ORCC), a leading outsourcer of Internet financial services, today announced that it has delayed the filing of its Form 10- Q for the period ended June 30, 2007.
The Company is evaluating the accounting treatment related to an embedded derivative in its Series A-1 Preferred Stock. Regardless of the Company's conclusion regarding this accounting treatment, the impact on operating earnings, if any, is expected to be immaterial.
Online Resources intends to file its Form 10-Q no later than August 14, 2007, within the period required to obtain the relief available under Rule 12b-25(b).