Carreker-Antinori Inc., a major provider of payments software, is getting bigger.
The Dallas company, with revenues of $37.8 million through the first three quarters of its fiscal 1998, has agreed to buy Genisys Operation Inc. of Bedford, Tex.
Based on Tuesday's closing price of $6.50 a share, the purchase of 1.24 million shares of Genisys would cost $8 million. The transaction is expected to close within two weeks.
The acquisition is Carreker-Antinori's first since it went public in May 1998. Its stock closed Friday at $6.375.
Genisys, with about $2.5 million in annualized revenues, sells software for tracking items. Banks use it to manage check, ATM, cash, loans, and corporate mail operations.
J.D. "Denny" Carreker said the tracking software will enhance the value of his firm's payments system software. Large institutions, such as BankAmerica Corp., would know where cash letters are in the collection process, he said.
Carreker-Antinori, with 360 employees-100 more than a year ago-is also bulking up its capacity to sell technology services. It has added a business division that will specialize in systems integration, letting it ensure that bank systems are year-2000 compliant, among other endeavors.
"Most banks have really pared down their staff, so when it comes to new technology opportunities or new practices, they don't have the capacity or the talent to do it themselves," Mr. Carreker said.
