Expands industry presence while providing significant growth
opportunity
NAPLES, Fla.--(BUSINESS WIRE)--
ACI
Worldwide (NASDAQ: ACIW), a leading international provider of electronic
payment systems, announced today it has completed the acquisition of Official
Payments Holdings, Inc. (NASDAQ: OPAY), a leading provider of
electronic bill payment solutions. Under the terms of the agreement, ACI
Worldwide acquired Official Payments in an all-cash transaction for
$8.35 per share.
Norcross, GA-based Official Payments provides bill payment solutions to
federal, state and local governments, municipal utilities, higher
education institutions and charitable giving organizations. Official
Payments currently has more than 3,000 customers representing access to
over 100 million end users. The company processes approximately 20
million payments and over $9 billion in volume annually.
"We are excited to welcome Official Payments into the ACI family. The
addition of Official Payments' talented team and product portfolio
furthers strengthens ACI's leadership position within the electronic
bill payment market," said Philip Heasley, President and CEO, ACI
Worldwide. "We are fully committed to serving Official Payments'
customer base and delivering them the industry's best support, services
and solutions, key tenets of our Universal Payments strategy of
providing a complete set of end-to-end payment services."
Commitment to customers
ACI also announced that consistent with its long-standing lifecycle
management policy, the company is committed to maintaining multi-year
roadmaps and contractual commitments to Official Payments' customers.
Official Payments' customers will benefit from ACI's size and scale to
support current and future initiatives. ACI invests 18 percent of
revenues in R&D, significantly ahead of industry averages. The company
also provides a world-class hosting environment, as well as global
24x7x365 support.
Completion of the tender offer
ACI Worldwide successfully completed its tender offer for common stock
of Official Payments, which expired at 12:00 midnight, New York City
time, Monday, November 4, 2013.
Based on information from Computershare Trust Company, N.A., the
depositary for the offer, as of the expiration of the offer, 11,263,992
shares (excluding 332,228 shares that were tendered pursuant to
guaranteed delivery procedures) were validly tendered and not withdrawn
in the offer. These shares represent 67.3 percent of Official Payments'
issued and outstanding shares. Shares not purchased in the offer will be
converted into $8.35 per share pursuant to a merger being completed
today in accordance with the previously announced merger agreement
(except for shares, if any, held by shareholders who exercise appraisal
rights under Delaware law). Following the merger, the Official Payments
shares will be delisted and will cease to trade on the NASDAQ.
About ACI Worldwide
ACI Worldwide powers electronic payments and banking for more than 2,600
financial institutions, retailers, billers and processors around the
world. ACI software enables $13 trillion in payments each day,
processing transactions for more than 250 of the leading global
retailers, and 18 of the world's 20 largest banks. Through our
comprehensive suite of software products and hosted services, we deliver
a broad range of solutions for payments processing; card and merchant
management; online
banking; mobile, branch and voice banking; fraud
detection; trade finance; and electronic
bill presentment and payment. To learn more about ACI, please visit www.aciworldwide.com.
You can also find us on Twitter @ACI_Worldwide.
Forward-Looking Statements
This press release contains forward-looking statements based on current
expectations that involve a number of risks and uncertainties. All
statements, other than statements of historical fact, are statements
that could be deemed forward-looking statements, including statements
about the planned completion of the tender offer and the merger. No
forward-looking statement can be guaranteed and actual results may
differ materially from those that ACI and Official Payments project.
Numerous risks, uncertainties and other factors may cause actual results
to differ materially from those expressed in any forward-looking
statement, many of which are outside of the control of management. These
factors include, but are not limited to: (1) negative effects on ACI's
business or OPAY's business resulting from the pendency of the
transaction; (2) that ACI may not achieve the synergies and other
expected benefits within the expected time or in the amounts it
anticipates; (3) that ACI may not be able to promptly and effectively
integrate the merged businesses; and (4) other factors described in
ACI's and Official Payments' filings with the SEC, including their
respective reports on Forms 10-K, 10-Q and 8-K. Except to the extent
required by applicable law, neither ACI nor Official Payments undertakes
any obligation to revise or update any forward-looking statements, or to
make any other forward-looking statements, whether as a result of new
information, future results or otherwise.
© Copyright ACI Worldwide, Inc. 2013.
ACI, ACI Payment Systems, ACI Universal Payments, the ACI logo and all
ACI product names are trademarks or registered trademarks of ACI
Worldwide, Inc., or one of its subsidiaries, in the United States, other
countries or both. Other parties' trademarks referenced are the property
of their respective owners.
Product roadmaps are for informational purposes only and may not be
incorporated into a contract or agreement. The development release and
timing of future product releases remains at ACI's sole discretion. ACI
is providing the following information in accordance with ACI's standard
product communication policies. Any resulting features, functionality,
and enhancements or timing of release of such features, functionality
and enhancements are at the sole discretion of ACI and may be modified
without notice. All product roadmap or other similar information does
not represent a commitment to deliver any material, code or
functionality, and should not be relied upon in making a purchasing
decision.
ACI Worldwide
John Kraft, 239-403-4627
Vice President,
Investor Relations & Strategic Analysis
john.kraft@aciworldwide.com
Source: ACI Worldwide
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