SCOTTSDALE, Ariz. - eFunds Corporation (Nasdaq: EFDS), a provider of risk management, electronic payments, ATM and outsourcing products, has signed a definitive agreement to acquire the assets of Oasis Technology, LTD., a privately-held payment software company with 150 customers in 75 countries.
According to a news release, the purchase price is approximately $28 million that will be paid in cash.
Paul Walsh, chairman and chief executive of eFunds, said in the release that Oasis' software is built upon an open architecture platform "that will add breadth to our current offering and geographical depth to our market reach."
The company intends to maintain and enhance its current CONNEX EFT software, while working to integrate certain characteristics of the Oasis product.
David Pasieka, president and chief executive of Oasis Technology, said in the release, "This demonstrates both organizations' strong commitment to the software industry, and to their respective customers to continue providing leading technology and more flexibility than ever before."
The combined organization will now serve more than 200 software customers in some 80 countries around the world.
The acquisition is expected to close by the end of 2003's fourth quarter, subject to the satisfaction of customary closing conditions. eFunds anticipates that the transaction will be accretive in 2004 and beyond.
