Payments provider ACI Worldwide announced it has acquired Norcross, Ga.-based Official Payments, a provider of electronic bill payment solutions, serving federal, state and local governments, municipal utilities, higher education institutions and charitable giving organizations in the U.S. Under the terms of the agreement, ACI Worldwide will acquire Official Payments in an all cash transaction for $8.35 per share. The boards of directors of both companies have unanimously approved this transaction.
According to ACI, 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.
ACI said the acquisition was made to increase its portfolio in the electronic bill pay space. "The acquisition also reaffirms our customer model and supports our corporate Universal Payments strategy of providing a complete set of end-to-end payments services, all enabled by our Universal Payments Platform," added Philip Heasley, President and CEO of ACI Worldwide, in a statement.
This is not the first such acquisition ACI has completed this year. In January, the company announced it would acquire Online Resources Corp., a provider of online banking and bill payment services. ACI purchased Online Resources for $3.85 a share, or $126.6 million total.
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Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio