ACI Worldwide announced on Tuesday that it has completed the acquisition of Official Payments Holdings in an all-cash transaction for $8.35 per share.
Official provides bill payment solutions for local, state and federal governments, as well as higher education institutions and charitable organizations. It has more than 3,000 customers and processes approximately 20 million payments worth more than $9 billion in annual volume.
“We are excited to welcome Official Payments into the ACI family,” ACI President and CEO Philip Heasley said. “The addition of Official Payments’ talented team and product portfolio further strengthens ACI’s leadership position within the electronic bill payment market. We are fully committed to serving Official Payments’ customer base and delivering them the industry’s best support, services and solutions, key tenets of our Universal Payments strategy of providing a complete set of end-to-end payment services.”
ACI said customers will benefit from the company’s size and scale and reaffirmed its commitment to customers. The company invests 18 percent of revenue in R&D.