CheckFree to Buy CorillianCheckFree to Buy Corillian
CheckFree has entered into a definitive agreement to purchase Corillian
February 14, 2007
ATLANTA -- CheckFree Corporation (Nasdaq: CKFR) today announced it has entered into a definitive agreement to purchase Corillian Corporation (Nasdaq: CORI), the leading provider of Internet banking software and services. Under the terms of the agreement, CheckFree will acquire all of the outstanding shares of Corillian at a price of $5.15 per share, for a total purchase price of approximately $245 million on a fully diluted basis.
The acquisition will bring together Corillian’s widely used online banking platform and complementary suite of financial applications, and CheckFree’s industry-leading electronic billing and payment and online transaction services, which include unparalleled electronic billing content and a highly efficient infrastructure that connects banks, billers and millions of consumers. Together, CheckFree and Corillian will be well-positioned to help financial institutions optimize the online channel and drive increased usage of electronic billing and payment.
The combination of CheckFree and Corillian 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. The acquisition will also provide greater flexibility in technology approaches for financial institution efficiency and provide a platform for driving new services and service differentiation.
“This acquisition will provide banks and billers with a significantly improved ability to serve their customers. Together, CheckFree and Corillian will be able to deliver more efficient integration and innovation, while increasing consumer service levels across the online banking experience,” said Pete Kight, CheckFree Chairman and Chief Executive Officer. “We share a commitment to serve as a collaborative partner to financial services customers and to work with them to accelerate adoption and customer profitability as the online channel continues to evolve as an integral part of the banking relationship.”
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