ACI Worldwide announced on Monday that it has entered into a definitive agreement to acquire S1, a provider of payments, online banking, mobile banking and other bank technology solutions.
In a press release, ACI said it will acquire S1 for a blended value of $9.55 as of September 30, 2011 consisting of $6.62 per share in cash and 0.1064 shares of ACI common stock, assuming full proration. The deal, approved by boards of directors at both companies, represents an increase of $0.42 per share compared to ACI's previous offer.
"We are pleased to have reached this agreement with S1, and believe that together we will create a leader in the global enterprise payments industry," Philip G. Heasley, President and Chief Executive Officer of ACI, said in the press release. "The combined company will have enhanced scale, breadth and additional capabilities, as well as a complementary suite of products that will better serve the entire spectrum of financial institutions, processors and retailers. Stockholders of both companies will benefit from the significant upside potential of a larger, more diversified company that is strongly positioned in a wide range of markets."