JERSEY CITY, N.J. – Fundtech Ltd. said its shareholders approved the acquisition of the company by Chicago-based private equity partners GTCR at $23.33 a share, or $390 million.
The offer topped a previous agreement to acquire Israel-based Fundtech by S1 Corp., which itself was subsequently acquired by ACI Worldwide.
The deal to merge Fundtech with GTCR’s BankServ operations has been cleared by antitrust regulators with the U.S. Department of Justice.
Based on its current assessment, Fundtech expects the closing will occur toward the end of the fourth quarter of 2011.
Fundtech this week reported its third quarter revenues rose 17% to $42.2 million, while net income declined 55% to $1.3 million. For the first three quarters of the year revenues rose 15% to $119.8 million, while net income fell 15% to $5.7 million.
