eFunds Plays Its PrepaidWidlCard
SCOTTSDALE, Ariz. - (06/13/05) -- Cards processor eFunds Corp. sadFriday it has agreed to acquire WildCard Systems, Inc., a privatelyheld provider of prepaid and stored value cards to financialinstitutions, retailers and other payment issuers. The twocompanies signed a distribution agreement in November 2004 and havesigned two large bank deals since then under eFunds' alliance withMasterCard International. Under the deal, eFunds will pay $228.8million, plus an earn-out of up to $58.8 million based onWildCard's future earnings. The transaction, expected to close inearly July, will be financed with cash on hand and bankfinancing.