The integrated operation of ACIW will have an additional customer base of 1,000 banks, credit unions, billers, credit card issuers, and other credit and payment service providers and offer better online and mobile banking, bill payment and presentment technologies.
ACI Worldwide president and CEO Philip Heasley said the acquisition will provide Online Resources’ robust product set and talented employee base to offer universal payment technologies that deliver control, choice and flexibility to our customers.
Under terms of the agreement, ACIW will launch a cash tender offer to purchase all outstanding shares of common stock of Online Resources no later than 15 February 2013.
Pending regulatory approval and customary terms and conditions, the tender is likely to close at the end of first quarter of 2013.
Wells Fargo Securities and Jones Day served as financial advisor and legal advisor to ACIW, respectively; while Raymond James & Associates, and Morris, Manning & Martin acted as financial and legal advisor of Online Resources, respectively.
Connecting more than 9,000 billers, Online Resources processes over 245 million bill payment transactions annually and serves over 1,000 financial institutions and billers.
ACIW software provides $12 trillion in payments each day, processing transactions for 14 of the global retailers, and 24 of the world’s 25 largest banks.
