ACI Worldwide (ACIW) has completed its purchase of Official Payments Holdings (OPAY), a seller of electronic bill payment technology.
ACI bought the Norcross, Ga., company for its 3,000 customers - which include the federal government and many states and municipalities.
ACI, based in Naples, Fla., paid $8.35 a share in cash for Official Payments. The deal valued the target at $109 million when adjusting for Official Payments' cash holdings and other considerations.
"We are fully committed to serving Official Payments' customer base and delivering them the industry's best support, services and solutions, key tenets of our Universal Payments strategy of providing a complete set of end-to-end payment services," said Philip Heasley, ACI's president and chief executive, in a press release issued Tuesday.
Official Payments processed about 20 million payments, worth more than $9 billion, annually.