eFunds Agrees to Acquire Oasis Technology

Monday 20 October 2003 14:22 CET | News

eFunds Corporation has signed a definitive agreement to acquire the assets of Oasis Technology, LTD., a private payment software company. The total purchase price is approximately $28 million that will be paid in cash.

The Oasis acquisition will provide eFunds an immediate entry into new markets with an open solution platform. It will expand eFunds domestic and international customer base, providing them with immediate access to a broad range of payment products that complement its current offerings. The acquisition will also complement and grow the companys worldwide distribution channels. The company intends to maintain and enhance its current EFT software solution, CONNEX, which is recognized for its system availability, reliability and throughput, while working to integrate important characteristics of the Oasis open solution, such as flexibility and lower cost of ownership. This will allow current CONNEX customers to choose the path that best enables them to minimize risk and prepare for future electronic payment technologies. The combined organization will now serve more than 200 software customers in over 80 countries around the world. The company will also leverage a global network of distributors, integrators and strategic partners to become a leading provider of payment software solutions worldwide. The acquisition is expected to close by the end of the fourth quarter 2003, subject to the satisfaction of customary closing conditions. eFunds anticipates that the transaction will be accretive in 2004 and beyond.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce