ACI Worldwide announced that they have completed their acquisition of Georgia-based, Official Payments, a company which specializes in electronic bill payments.
Official Payments works with state and federal institutions, schools, municipal utilities and charitable organizations. Official Payments has a customer base of over 3000 entities that gives access to 100 million end users. Those end-users generate over 20 million transactions, and over $9 billion yearly.
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“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. 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,” added Philip Heasley, President and CEO, ACI Worldwide.
In addition to the acquisition, ACI has stated that they intend to honor all of the contracts and agreements that Official Payments has made with their customers. With 18% of revenue invested in R&D, ACI Worldwide also intends to better the service that was already given by Official Payments.
There is no official statement as to the amount of the acquisition, although ACI stated that the purchase was done in all-cash for $8.35 a share, and now they hold 69.3% of Official Payments. Due to the acquisition, Official Payments will no longer be traded on the NASDAQ.