Bisys Group Inc. announced last week that it has acquired an innovative marketing technology company in a stock swap valued at approximately $17 million.
Officials at the Little Falls, N.J.-based firm said the deal for Strategic Solutions Group Inc., also known as Creative Solutions, was completed through the issuance of 520,599 shares of Bisys stock.
Creative Solutions provides automated marketing systems to more than 300 financial institutions in the United States. Through its Atlanta service bureau, the company processes consumer loan applications and prequalifies home buyers for mortgages.
To use these services, prospective borrowers enter information through their touch-tone telephones. Then Creative Solutions retrieves credit bureau information and applies credit scoring criteria to pre-qualify the borrower.
The acquired firm had revenues of approximately $4 million in 1995, Bisys officials said. They added that Creative Solutions' president and founder, Charles Goetz, will remain with the firm.
"Creative Solutions furthers Bisys' goal of adding sources aimed at helping our clients grow," said Bisys chairman and chief executive Lynn Mangum. "This acquisition brings Bisys a fast-growing, transaction-based business as well as another market leader."
Officials said the acquisition would be accounted for as a pooling of interests, and that Bisys would incur a transaction charge of $1.5 million, net of tax, in its fourth fiscal quarter.