ATLANTA and PORTLAND, Ore. — Digital Insight, Harland and now another well-known name in the technology financial services space is being acquired.
Electronic bill payment and presentment firm CheckFree announced plans to acquire online banking and financial services provider Corillian for $245 million.
The deal combines a major player on the backend of bill payment, CheckFree, with a leading front-end provider, Corillian, which has had tremendous success with large institutions. It has 30 of the 100 largest banks and 21 of the 100 largest credit unions as clients.
The companies said in a statement that the merger of the two firms will allow for "tighter integration of electronic banking, billing, payment and service support functionality to deliver a more efficient and complete consumer and small business user experience."
Under the terms of the deal CheckFree will acquire outstanding shares of Corillian for $5.15 a share. The merger, subject to shareholder and regulatory approval, is expected to close in June. News of the merger was a boon for Corillian stock, causing it to shoot up 45% on Feb. 14, while CheckFree's stock was down 2%. –pgentile@cutimes.com
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