ATLANTA - S1 Corporation (NASDAQ:SONE), a provider of front-office software for financial institutions, will acquire transaction processing software provider Mosaic Software Holdings Limited.
Under the terms of the transaction, S1 will pay $37 million in cash upon the closing of the transaction and up to an additional $15 million in cash may be paid in earn-out payments upon Mosaic achieving certain financial metrics during its fiscal year ending May 31, 2005.
According to a news release, the acquisition will enable S1 to add an ATM channel solution to its integrated front-office suite, which already includes the branch, call center, Internet and voice customer interaction channels.
"S1's Enterprise strategy has always been focused on delivering a single view of the customer across multiple channels," said Jaime Ellertson, S1's CEO. "With the acquisition of Mosaic, S1 is the only vendor in the financial services space that can enable institutions to extend multi-channel integration across all of their primary customer interaction channels."
Mosaic's software is utilized by banks operating standard ATMs, and by non-traditional financial service providers, including retailers that offer advanced, multi-function ATMs to customers. Mosaic's software also manages payment authorization transactions initiated through point-of-sale devices, online retail sites and Web-based call centers.
Mosaic has approximately 210 financial customers in more than 40 countries, including Woodforest National Bank, Honda Federal Credit Union, Standard Bank South Africa, Mercantile Bank Limited, 7-Eleven, Marks and Spencer and FedEx Kinko's.
Mosaic has a staff of 190, including more than 100 software developers, in offices in the U.S, the U.K, Australia and South Africa.
S1's ATM solution will be available independently or as a component of S1's complete solution that gives banks one view of customers across channels.
