Jersey City, N.J.-based payments company Fundtech has completed a merger with SaaS banking and payments company BankServ. GTCR, a Chicago-based private equity firm that is the majority shareholder of BankServ, purchased Fundtech for $23.33 per share for a total of about $390 million. The combined company, which will be called Fundtech, has about 1,300 employees and an estimated 2011 revenue of $200 million.
Reuven Ben-Menachem will continue to serve as CEO of Fundtech, and BankServ's CEO, Dave Kvederis, will become a member of the combined company's board of directors.
In a document outlining what to expect from the merger, Fundtech says it will draw from the combined companies to offer banking solutions in the areas of payments (including mobile), financial messaging such as SWIFT, remote deposit capture, cash management and merchant services. In addition, a major area of investment for Fundtech will be Services-Oriented Architecture, which aids bank system upgrades by providing a set of standard design guidelines for system development and integration.
Fundtech terminated its previous agreement to merge with S1 in order to take GTCR's offer.