ACI Worldwide in Naples, Fla., said Monday that it has completed its acquisition of online banking/bill pay specialist Online Resources Corp. of Chantilly, Va.
ACI said it paid $3.85 per share for ORCC, making the cash deal worth approximately $125 million, and that it “is committed to maintaining multi-year roadmaps and contractual commitments to Online Resources' customers.”
Hundreds of credit unions are on the client list at ORCC, one of the original providers of online banking technology.
The deal was announced in January and joined a spate of technology takeovers in the credit union space, including FIS buying MFoundry and Fiserv snapping up Open Solutions.
ACI said, “The acquisition adds electronic bill presentment and payment solutions as a strategic part of ACI's Universal Payments portfolio. It also strengthens ACI's online banking capabilities with complementary technology, and expands the company's leadership in serving community banking and credit union customers.”
The company also said that it invests 18% of its revenues in research and development – “significantly ahead of others in the industry” – and that ORCC customers will benefit from the new owner's size and scale to support current and future initiatives.
The ACI-ORCC deal and marks ACI's second acquisition in the credit union space, following the 2011 purchase of S1 Corp., which itself had recently bought PM Systems, both providers of online banking and other e-commerce technology.
Founded in 1989 by Matt Lawlor, Online Resources has about 450 credit unions among its more than 1,000 client financial institutions and billers. The company processed more than 245 million bill payment transactions annually and its payments engine was connected to more than 9,000 billers.
ACI said it now provides online banking and payments services to more than 1,750 financial institutions, retailers and processors around the world and handles $13 trillion in payments each day, processing transactions for more than 250 global retailers and 18 of the world's 20 largest banks.
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