ACI Worldwide Completes Acquisition of Official Payments

ACI Worldwide announced that they have completed their Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of Georgia-based, Official Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, 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.

“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.