Fundtech Ltd. has acquired Accountis Ltd. of Bangor, Wales, a supplier of electronic invoice presentment and payment (EIPP) systems.
Adding EIPP capabilities to Fundtech’s existing product lines of payments, cash management and settlements systems, expands its end-to-end corporate banking systems, and adds to the company’s capabilities in enabling the emerging financial supply chain.
Under the terms of the definitive agreement, Fundtech paid 3.8 million in cash at closing and an additional amount of up to 2 million in cash will be paid over the next three years based on the financial performance of Accountis. Accountis reported un-audited revenues of approximately 1 million for the 12 months ended 31 December 2007.
“The acquisition of Accountis is an important step in Fundtech’s growth plan as we leverage new technology to expand our market leadership to encompass the Financial Supply Chain. We welcome Accountis employees and clients into the Fundtech family and look forward to our mutual success,” says Reuven Ben Menachem, CEO, Fundtech.
“We are pleased to become part of Fundtech’s global organisation and join forces to significantly impact Financial Supply Chain automation. Fundtech’s global sales and support reach will help us capitalise on the early market momentum that Accountis has generated,” adds Rhys Jones, founder and managing director, Accountis.