ACI Sells Corporate Banking Service to Private Equity
One Equity Partners has renamed the online service provider after the purchase
- Written by Banking Exchange staff
Payment technology company ACI Worldwide has sold its corporate online banking solutions business to private equity firm One Equity Partners (OEP) in a $100 million cash deal.
The New York-based middle market private equity firm has acquired ACI Digital Business Banking Solutions, which will operate under the new name Dragonfly Financial Technologies. It currently facilitates more than $1 billion a day in payments for “global blue-chip banks”, OEP said in a statement.
The technology can be deployed both on-premises or through the cloud, allowing corporate banking customers to initiate payments, collect money owed, and manage financial positions and operations.
Ante Kusurin, principal of One Equity Partners, said: “[We have] extensive experience in executing complex carve-out transactions. When evaluating corporate assets, we seek companies with strong fundamentals that will allow them to thrive as independent businesses.
“In this case, we are acquiring an established business from a leader in the technology sector with a strong management team, attractive product offering, blue-chip customer base, and significant market opportunity for continued growth.”
ACI said its technology played a key role in the day-to-day business of large financial institutions and intermediaries, with global merchants relying on the technology to execute $14 trillion each day in payments and securities.
Odilon Almeida, president and CEO of ACI Worldwide, said the sale would allow ACI “to better focus on serving our customers by expanding our core software portfolio to drive real-time payments globally and leverage the full benefits of cloud-native technology”.
“Our efforts to accelerate organic growth are firmly on track, and we are now making progress on the third pillar, step-change value creation through M&A,” Almeida added. “The divestment is in line with our commitment to continually review the company’s portfolio to maximize shareholder value.”
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