CHANTILLY, Va. — Online Resources Corp. has added 150 new clients to its payment origination and settlement network with the closing of its latest acquisition–Internet Transaction Solutions Inc. of Columbus, Ohio.
The new clients include 12 of the top 20 consumer receivables management companies and four major blue-chip utilities, the company said.
They will become part of Online Resources' bank and biller payment origination and settlement network.
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The $45 million acquisition, paid with cash and stock, extends the commitment Online Resources made to the billing service space when it bought Princeton eCom last year, the company says.
"I am very pleased to officially welcome ITS' staff, clients and partners to the Online Resources family," said Robert Craig, executive vice president and general manager of Online Resources eCommerce Services. "The combination of our companies is a big step forward in accelerating Online Resources' growth in the biller market, a strategic area of business for us."
Chantilly-based Online Resources says it expects ITS to add approximately $7 million in income to its full-year 2007 results.
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