NAPLES, Fla. ACI Worldwide, which has emerged as one of the leading service providers for credit unions, reported this morning that losses widened to $2.2 million for its first quarter, from $1.8 million a year ago, because of costs related to its recent acquisitions of Online Resources Corp. and S1 Corp.
The two deals helped push the company’s first quarter revenue up 18% to $162 million, but weighed heavily on the bottom line.
One-time costs related to the acquisitions of Online Resources and S1, included $1.9 million for employee related actions, $2.5 million for Online Resources acquisition fees and $2.2 million for other professional fees in 2013 and $7.4 million for employee related actions, $2.4 million for accelerated stock compensation, $4.1 million for S1 acquisition fees, and $1.1 million for other professional fees in 2012.
ACI said it completed the acquisition of Online Resources, a provider of services to 1,000 credit unions, banks and other entities, on March 11 and the first phase of cost savings initiatives is substantially. “ACI accomplished a great deal during Q1, including completing the acquisition of Online Resources,” said Philip Heasley, CEO of ACI. “This transaction adds electronic bill payment to our payments capabilities, which will help us provide highly valued functionality to our financial institution customers.”
ACI, which provides services for more than 1,750 financial institutions, retailers and processors, acquired S1 in 2011 for $540 million and Online Resources in 2012 for $126.6 million.
