CFI Proservices Inc. is changing its name.
To reflect its expanded offerings following its purchase of Meca Software LLC and the pending acquisition of Ultradata Corp., the company is to be known as Concentrex Inc., effective July 1.
Its Nasdaq stock-trading symbol will be CCTX.
"It's a signal to the market that we are a whole new enterprise," said Matthew Chapman, chairman and chief executive officer of the Portland, Ore.-based company.
Concentrex is intended to conjure the image of concentric circles-each element sharing a common center. "It offers a couple of opportunities to stress that we focus on our customer financial institutions to enable them to focus on their customers," Mr. Chapman said.
Concentrex will have consolidated revenue of $150 million and a customer base of more than 5,400 financial institutions, including 52 of the top 100 U.S. banks. About one million consumers use the company's home banking products.
With the acquisition of Ultradata-which mainly serves credit unions- expected to be completed by August, Concentrex will provide data processing services to nearly 1,000 financial institutions.
The combined entity employs 1,100 in 12 offices nationwide. Nearly half the company is involved in traditional loan origination and branch automation software provided by the original CFI Proservices. About 40% is involved in core processing, and about 12% in electronic commerce with Meca's Managing Your Money and MoneyScape systems.
"We bought Meca for MoneyScape and for its ability to support half a million end-users of Managing Your Money," said Mr. Chapman. With CFI's Encore Personal Branch software, "we're combining stronger offerings than anyone else has."
The stock closed at $11.75 on Friday down $0.125 from a week earlier.
Concentrex will make Meca's former headquarters in Trumbull, Conn., a software development center and will set up a service bureau in Portland. Mr. Chapman said he expects minor job losses.
"We're absolutely hitting the ground running," he said.