NAPLES, Fla.--(BUSINESS WIRE)--ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced that its acquisition of Speedpay – Western Union’s United States bill pay business – will be completed today. Under the terms of the agreement, ACI Worldwide is acquiring Speedpay for an all-cash purchase of $750 million, subject to customary adjustments.
With Speedpay, ACI will expand its reach into existing and complementary segments such as consumer finance, insurance, healthcare, higher education, utilities, government and mortgage. The Speedpay and ACI’s UP Bill Payment platforms will become a unified bill payment platform that supports billions of transactions and drives digital bill payment forward.
“The acquisition marks an exciting new era in bill pay. The combination of Speedpay and ACI brings together an incredibly strong team of bill pay experts and a powerful next-generation platform. As we join forces, we are focused on driving innovation and revolutionizing bill pay for our thousands of customers,” said Phil Heasley, president and CEO, ACI Worldwide. “Strategically moving forward, this acquisition also accelerates the delivery of ACI’s ‘Any Payment, Every Possibility’ vision to serve the real-time digital payments needs of merchants, corporates and billers.”
The addition of Speedpay is expected to contribute between $215 million and $220 million in revenue and between $50 million and $55 million in adjusted EBITDA to the remainder of 2019.
Centerview Partners LLC is acting as financial advisor to Western Union and BofA Merrill Lynch is acting as financial advisor to ACI. Sidley Austin LLP is Western Union’s counsel and Jones Day is advising ACI.
In separate press releases issued today, ACI announced the completion of its acquisition of Walletron from Western Union, as well as first quarter 2019 financial results. The press releases are available on ACI’s website, www.aciworldwide.com/.
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software solutions delivered on customers’ premises or through ACI’s private cloud, we provide real-time, immediate payments capabilities and enable the industry’s most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.
