S1 settles takeover-related shareholder litigation

Source: S1 Corporation

S1 Corporation (Nasdaq:SONE), a leading global provider of payments and financial services software solutions, announced today that it and other named defendants have reached an agreement in principle with plaintiffs to settle the consolidated class action lawsuit captioned In re S1 Corporation Shareholders Litigation.

This lawsuit relates to the now-terminated merger with Fundtech Ltd. and the proposed acquisition of the Company by ACI Worldwide, Inc. ("ACI").

Pursuant to this agreement, the Company has filed an amendment to its Solicitation/Recommendation Statement on Schedule 14D-9 with the Securities and Exchange Commission, which can be accessed free of charge at the SEC's website at www.sec.gov, or the Company's website, www.s1.com. The amended Schedule 14D-9 contains certain additional disclosures the Company agreed to make in connection with the settlement of the lawsuit, although the Company has not admitted in any way that those disclosures are material or are otherwise required by law. The settlement will not affect the offer price to be paid in the current exchange offer by a subsidiary of ACI or the merger consideration the Company's stockholders would be entitled to receive pursuant to the terms of the previously announced Transaction Agreement, dated as of October 3, 2011, by and among the Company, ACI and a subsidiary of ACI. 

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