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NetBank To Acquire Financial Technologies

Monday 6 October 2003 17:32 CET | News

NetBank to acquire Financial Technologies (FTI), a privately held, leading provider of ATM services for retail and other non-bank businesses.

Pending regulatory approval, FTI will operate as a subsidiary of NetBank. The transaction is expected to close within the fourth quarter and be immediately accretive. NetBank, Inc. purchased FTI for cash and $1 million worth of restricted stock. The final agreement also provides for potential cash payments of contingent consideration based on the compound average annual growth rate of FTIs earnings over the next five years. Additional detail on the purchase agreement appears in the Form 8-K that NetBank, Inc. filed with the Securities Exchange Commission today. FTI has been profitable in each year of its seven-year operating history. Its deployment of more than 4,300 ATMs across the country places it fifth among the top third-party, off-premise ATM providers in the U.S. On average, FTI machines process approximately 1.5 million or $60 million worth of transactions per month.


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

Payments & Commerce