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e-Commerce Banking Solutions Provider Corillian Acquires IntelliData |
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April 1, 2005 - (HOSTSEARCH.COM) - Corillian Corp., the top provider of e-commerce banking solutions and anti-fraud solutions to leading financial institutions, and InteliData Technologies Corporation today announced that Corillian has signed a definitive agreement to acquire InteliData to further its leadership in the online banking and bill payment industry. The acquisition of InteliData establishes Corillian as the leading bill payment warehouse provider in the world and one of the leading providers of online bill payment technology.
Over the past 10 years, InteliData has built a comprehensive suite of online banking, bill payment and credit card solutions designed to meet the near term and emerging opportunities in online financial services. These products provide leading financial service providers with highly scalable and flexible solutions for delivering real-time, Internet-based financial services to their customers. InteliData's proven solutions have been successfully deployed at many leading financial institutions, including five of the top 10 and 12 of the top 100 U.S. banks. Current InteliData customers include Bank of America, Wachovia, National City, Bank of the West and many other leading financial institutions. The company has a staff of 48 with offices in Reston, Va, Toledo, Ohio and Omaha, Neb.
"Overall, we are extremely pleased that we can combine our forces with InteliData to increase our leadership position within online banking, bill payment and credit card management, and add a significant recurring revenue stream to our business," said Alex Hart, president and CEO of Corillian. "In many ways, InteliData uniquely complements our business and is a strategic fit for us. With the rapid adoption of online banking and bill payment, leading financial institutions are increasingly interested in the advantages of owning a payments warehouse to better control the user experience and reduce bill payment processing costs. In addition, the majority of InteliData's customers are new bank relationships to Corillian, and we believe these relationships will provide substantial cross-sell opportunities for existing Corillian products and services, over time. And finally, InteliData's expertise and strength in the credit card management businesses will serve us well as we look to expand our capabilities within this important market."
Under the terms of the agreement, Corillian will issue approximately 4,918,032 shares of its common stock to the shareholders of InteliData. Corillian will also pay $4.5 million in cash, subject to certain adjustments. Closing of the transaction is subject to approval of InteliData's shareholders and other customary conditions.
"Today's announcement provides a tremendous opportunity for our two companies to combine our respective strengths in order to provide industry-leading online banking and bill payment solutions to leading financial services companies," said Al Dominick, CEO of InteliData. "We are excited about joining with Corillian to play a central role in further extending Corillian's leadership position in the marketplace."
Corillian and InteliData will hold a conference call on Friday, April 1, at 1:00 p.m. EST to discuss the acquisition of InteliData. Investors and other interested parties can listen to the conference call over the Internet at Corillian's corporate Web site at http://www.corillian.com/investors. |
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