Online Resources Corp., one of the pioneers in online bankingfor credit unions, is being sold to ACI Worldwide.

The $126.6 million cash deal calls for ACI Worldwide to buyChantilly, Va.-based ORCC for $3.85 per share. Buying ORCC'spreferred stock pushes the sticker price to about $263 million, ACIsaid Thursday.

The purchase price is an 83% premium over ORCC's most recentclosing price of $2.10 a share, and ACI said both companies' boardshave approved the offer.

The purchase was the second major takeover announced Thursdayamong major credit union technology providers joining the FIS buyout of mFoundry, and the third this month, followingFiserv Inc.'s purchase of Open Solutions Inc.

Fiserv and FIS are very large companies buying much-smallercompetitors. The ACI-ORCC deal involves companies of roughlysimilar size and marks ACI's second acquisition in the credit unionspace, following the 2011purchase of S1 Corp., which itself had recently bought PMSystems, both providers of online banking and other e-commercetechnology.

Founded in 1989 by Matt Lawlor, Online Resources has about 450 credit unions amongits more than 1,000 client financial institutions andbillers. The company processes more than 245 million billpayment transactions annually and its payments engine is connectedto more than 9,000 billers.

ACI Worldwide said it provides electronic payments and bankingfor more than 1,650 financial institutions, retailers andprocessors around the world, including 14 of the leading globalretailers, and 24 of the world's 25 largest banks.

“Built on our heritage of producing highly reliable and trustedsolutions, ACI Worldwide's mission is to deliver universal paymentsolutions that provide control, choice and flexibility to ourcustomers while maintaining their peace of mind,” said PhilipHeasley, president/CEO of the Naples, Fla.-based company.

“Online Resources' robust product set and talented employee baseof online banking and payment experts is well-aligned with thisfocus and our desire to lead in a category undergoing acceleratingchange,” Heasley said in a statement.

ORCC President/CEO Joe L. Cowan said, “I believe the combinationof the two companies will allow the Online Resources product suiteto now achieve its full potential in the banking and billermarkets, provide even better services and functionality for ourclients and customers, and create additional opportunity for ourdedicated and hardworking employees.”

For the 12 months ending Sept. 30, 2012, the companies combinedgenerated pro forma revenue of approximately $860 million andadjusted EBITDA of $182 million, ACI said in a statement, and thedeal is being financed by a $300 million loan from Wells FargoBank.

In a letter to ORCC customers, Heasley said, “ACI is a globalleader in payments, with customers in over 80 countries and 38years of payments expertise. We are recognized as a leader inonline banking – serving the corporate, business and consumerbanking needs of large banks, community banks and creditunions. The online banking business has been a strategic focusof ACI since our acquisition of Politzer & Haney in 2006.

“ACI is committed to market-leading investment in our products,infrastructure and people. We apply more than 18% of revenue toR&D on an annual basis. We have a world-class globalhosting organization. In addition, our support team isrenowned for delivering the world class, 24x7x365 support that isessential to banking and payments. “

“Over the coming weeks, we expect to finalize the acquisition ofOnline Resources, allowing us to work closely with you as we buildour plans for these market-leading solutions. During the next fewmonths you should expect continued communications detailing theseplans and roadmaps.”