CHANTILLY, Va. — Online Resources Corp. is adding to its payments network with the acquisition of Internet Transaction Solutions Inc. (ITS) of Columbus, Ohio.
ITS is a billing service provider specializing in Web-based collections and debit services for receivables management companies and utilities, and processes more than 5 million payments a year for more than 150 clients, the companies say.
The $45 million acquisition extends the commitment Online Resources made to the billing service space when it bought Princeton eCom last year, the company says.
"It would be hard to find a better match for our eCommerce division "As the pre-eminent billpay provider to the consumer accounts receivable industry, ITS provides a complementary distribution channel for our collections and PIN-less debit capabilities," says Online Resources Chairman/CEO Matt Lawlor.
The ITS client base includes 12 of the top 20 consumer receivables management companies and four major blue-chip utilities and will become part of Online Resources' bank and biller payment origination and settlement network.
Chantilly-based Online Resources says it expects ITS to add approximately $7 million income to its full-year 2007 results.
The online financial services provider (www.onlineresources.com) says it now processes $100 billion in bill payments annually and has 2,700 financial institution clients and more than 10 million end users.
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