Online Resources Closes Acquisition of Internet Transaction Solutions
CHANTILLY, Va., August 10, 2007 – Online Resources Corporation (Nasdaq: ORCC), a leading
provider of web-based financial services, today announced that it has completed its acquisition of
Internet Transaction Solutions, Inc. (ITS), the leading biller service provider to receivables
management companies and utilities.
As previously announced, the acquisition price was $45 million in stock and cash. The Company
expects that ITS will contribute approximately $7 million in revenue to its full year 2007 results and will
be slightly accretive to core net income per share.
“I am very pleased to officially welcome ITS’ staff, clients and partners to the Online Resources family,”
stated Robert R. Craig, executive vice president and general manager of Online Resources
eCommerce Services. “The combination of our companies is a big step forward in accelerating Online
Resources’ growth in the biller market, a strategic area of business for us.”
About Online Resources
Online Resources powers web-based financial services for 2700 financial institutions, billers and credit service providers. Its proprietary suite of account presentation and payment services are branded to its clients, and augmented by marketing services to drive consumer and business end-user adoption. The Company serves over 9 million end-users and processes $100 billion in bill payments annually. Founded in 1989, Online Resources (Nasdaq: ORCC; www.orcc.com) is recognized as one of the nation’s fastest growing companies.
This news release contains statements about future events and expectations, which are "forward-looking statements." Any statement in this release that is not a statement of historical fact may be deemed to be a forward-looking statement. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Specifically, factors that might cause such a difference include, but are not limited to the Company’s: history of losses; dependence on the marketing efforts of third parties; potential fluctuations in operating results; ability to make and successfully integrate acquisitions of new businesses; potential need for additional capital; potential inability to prevent systems failures and security breaches; potential inability to expand services and related products in the event of substantial increases in demand; competition; ability to attract and retain skilled personnel; reliance on patents and other intellectual property; exposure to the early stage of market adoption of the services it offers; exposure to the consolidation of the banking and financial services industry; and additional risks and uncertainties discussed in filings made by the Company with the Securities and Exchange Commission, including those risks and uncertainties contained under the heading "Risk Factors" in the Company's Form 10-K, latest 10-Q, and S-3 as filed with the Securities and Exchange Commission. These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements.
Media Contact: Beth Halloran
Mng. Dir., Corporate Communications
703.653.2248
bhalloran@orcc.com
Investor Contact: Catherine Graham,
EVP & Chief Financial Officer
703.653.3155
cgraham@orcc.com |
