Electronic payment services provider ACI Worldwide Inc said it will purchase its peer, Online Resources Corp, in an all-cash deal with an equity value of about $126.6 million to expand its footprint in the online banking and bill payment sectors. ACI Worldwide will buy Online Resources for $3.85 per share. Based on 32.89 million shares outstanding, according to Reuters data, Online Resources' equity is valued at about $126.6 million. The per share offer is an 83 percent premium to Online Resources' closing stock price of $2.10 Wednesday on the Nasdaq.ACI Worldwide said the deal is valued at an enterprise value of about $263 million, which includes the redemption of Online Resources' preferred stock.The deal will broaden ACI Worldwide's customer base with the addition of 1,000 banks, credit unions, billers, credit card issuers, and other credit and payment service providers.Online Resources processes more than 245 million bill payment transactions annually. The company's bill payment solutions connect more than 9,000 billers.
ACI Worldwide, Inc. (ACI) develops, markets, installs and supports a line of software products and services primarily focused on facilitating electronic payments. Shares of ACIW fell by 1.01% or $-0.48/share to $47.01. In the past year, the shares have traded as low as $31.37 and as high as $47.66. On average, 236605 shares of ACIW exchange hands on a given day and today's volume is recorded at 152773.
Online Resources Corporation is engaged in providing outsourced, Web and phone based financial technology services to financial institution, biller, card issuer and creditor clients. Shares of ORCC traded higher by 0.96% or $0.02/share to $2.10. In the past year, the shares have traded as low as $1.99 and as high as $3.42. On average, 82456 shares of ORCC exchange hands on a given day and today's volume is recorded at 34630.
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