GTCR Intends to Combine BankServ
in New Acquisition Proposal
Combination to Create Global Leader in Banking and Payments Technology
Las Vegas, NV, September 14, 2011 —
BankServ, a leading provider of SaaS banking and payments systems, announced today that GTCR, a majority shareholder of BankServ, has submitted a proposal to acquire Fundtech Ltd. (NASDAQ: FNDT) for $23.33 per share in cash. The proposal has been determined by Fundtech's Board of Directors to constitute a superior offer under their previously announced merger agreement with S1 Corporation. GTCR intends to combine Fundtech and BankServ, creating a world-class leader in the global payments industry.
BankServ CEO David Kvederis said, "Fundtech's internationally recognized brand name and its dedication to a world-class product line will help us define the new standard for electronic payments systems. Joining forces with such a talented and well-regarded partner will let us deliver superior technology as well as a superior customer experience."
Together, BankServ and Fundtech offer a full line of complementary banking platforms, including systems for wire transfers, SWIFT messaging, remote deposit capture, cash management, international payments, mobile payments and merchant services. The combined company would be a global leader in payments and banking technology with a comprehensive suite of solutions serving the needs of financial institutions and corporations around the world.
"We see this merger as an opportunity to bolster both our product line and our standing in the global banking community through the outstanding synergies and growth opportunities it creates," Kvederis noted. "The combination creates a complete payments company with a truly global reach."
Subject to the receipt of Fundtech shareholder approval and satisfaction of other conditions, the deal is expected to close in the fourth quarter of 2011. The combined company would be headquartered in Jersey City, NJ, and take the name Fundtech, Inc. Current Fundtech CEO Reuven Ben Menachem would become CEO of the new company. Kvederis would support the integration of BankServ and Fundtech and serve as a member of Fundtech Inc.'s board of directors.
The combined company will continue to deliver the best-in-class technology, innovative solutions and high quality service upon which BankServ and Fundtech customers have come to rely. Management and employees of both organizations will maintain their focus on the day-to-day service excellence and professional relationship their customers have come to expect.
Fundtech (NASDAQ: FNDT), was founded in 1993, and is a leading provider of software and services to banks of all sizes around the world. Payments systems include wire transfers, ACH origination, cross-border payments and remittance. Cash management systems are designed for large corporate through small business clients. Fundtech operates the world's largest SWIFT service bureau. Fundtech offers an extensive line of financial supply chain applications including electronic invoice presentment and supply chain financing. Fundtech is the leading provider of CLS systems to the world's largest banks. More than 1,000 clients throughout the world rely on Fundtech solutions to improve operational efficiency and provide greater competitiveness through innovative business-to-business services. For more information, visit www.fundtech.com.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered the "Leaders Strategy" — finding and partnering with world-class leaders as the critical first step in identifying, acquiring and building market-leading companies through acquisitions and organic growth. Since its inception, GTCR has invested more than $8.5 billion in over 200 companies. For more information, please visit www.gtcr.com.