27/06/2011
By Scott Thompson
Banking transaction solutions providers S1 Corporation and Fundtech have entered into an all-stock merger agreement valued at approximately $700 million. The combined company will operate under the name of Fundtech and will be headquartered at S1's HQ in Atlanta, Georgia.
"This merger will create an industry leader that provides a complete suite of technologically advanced transaction banking solutions," says Reuven BenMenachem, CEO, Fundtech. "The S1 and Fundtech organisations and cultures are very similar in their commitment to deliver innovative products and generate the highest levels of customer satisfaction. The companies have complementary product offerings and extensive cross-selling opportunities which will position the combined company to secure larger contracts and cultivate more strategic relationships with customers."
"The future of the transaction banking industry is highly dependent upon innovation and state-of-the-art solutions and this combination will put us at the forefront of these advancements," comments Johann Dreyer, CEO, S1 Corporation. "Both companies have key strengths in technology, products, customers and culture, and we are extremely excited about the opportunities that will be created by combining these businesses. This merger will expand our geographic footprint and enhance our ability to accelerate revenue growth and increase profitability."
