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CheckFree Acquires Accurate Software

Thursday 5 May 2005 13:39 CET | News

CheckFree Corporation announced that it has acquired Accurate Software, a U.K.-based provider of reconciliation, exception management, workflow and business intelligence solutions.

Accurate will become part of CheckFree’s Software Division to further solidify its leadership in financial software and services, expand the Company’s global presence and client base, and drive continued product innovation in operational risk management solutions for banks, securities firms and corporations. CheckFree purchased all of the outstanding shares of Accurate for approximately $56 million in cash, subject to certain post-closing adjustments. The acquisition was completed on April 30, 2005. The acquisition of Accurate demonstrates CheckFree’s commitment to invest in the development and delivery of a comprehensive operational control framework to the world’s leading financial institutions and corporations. The acquisition positions CheckFree Software as the global leader in operational risk management solutions that deliver greater control of financial transactions. CheckFree and Accurate together will deliver best-in-class solutions that enable companies to dynamically manage, monitor and mitigate risk. These products will target bottom-line growth through increased operational efficiency and financial control. Accurate’s flagship platform, Accurate NXG, is SWIFTReady Gold accredited and has been implemented by leading financial institutions and corporations around the globe. For securities firms, the integration of CheckFree and Accurate’s products strengthens the company’s end-to-end post-trade securities processing platform, all of which now incorporate SWIFTReady Gold-accredited technology. For banks, the integration of CheckFree and Accurate’s products creates a comprehensive operational risk control framework. CheckFree and Accurate serve a combined worldwide customer base of more than 1,500 top-tier corporations across a range of industries in Europe, Asia Pacific and the United States, including banking, securities, insurance and retail. Accurate is based in Wokingham, England and has offices in Atlanta, New York, London, Luxembourg and Sydney, while CheckFree’s locations outside the United States include Waterloo, Ontario, Canada; and London, Slough, Berkshire, and Rickmansworth, England. The addition of Accurate to CheckFree immediately strengthens the global presence of the organization and positions it for continued expansion in Europe and Asia Pacific. At the same time, CheckFree brings to Accurate strong financial resources to invest in the business and a commitment to innovation and quality that will benefit the combined customer base. Both CheckFree and Accurate were recently recognized by industry research firms for their leadership in the reconciliation market. In April 2005, Financial Insights reported that CheckFree is one of three dominant U.S. industry players and the most dominant in the enterprise application market. The same report cites Accurate’s service, capabilities and growth rate as reasons for its place as a top reconciliation/exception management provider to watch for future leadership.


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Categories: Payments & Commerce | Payments General
Countries: World
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