ACI Worldwide completed its $109 million acquisition of electronic billing technology developer Official Payments Holdings.
The all-cash transaction was announced in September and priced at $8.35 per share of outstanding common stock, stock options and restricted stock awards. The deal's $109 million enterprise valuation reflects Official Payments' market capitalization after adjustments for its cash holdings, the value of outstanding options and restricted stock awards and other considerations.
Norcross, Ga.-based OPay provides e-billing technology to more than 3,000 customers (and more than 100 million end-users) and processes 20 million payments worth more than $9 billion annually. Naples, Fla.-based ACI announced the close of the acquisition Nov. 5.
The boards of both companies approved the acquisition, creating a smoother transaction than ACI's hostile Oct. 2011 acquisition of S1; however the OPay deal's tender offer was extended in late October to finalize the transaction.
Official Payments will be run as a wholly owned subsidiary of ACI, according to regulatory filings, and ACI intends to maintain multi-year roadmaps and contractual commitments to Official Payments customers, it said in a press release.
ACI reports its third-quarter earnings on Nov. 7.