First Financial Management Corp. has agreed to acquire IBT, an Atlanta-based company that specializes in installing bank branches in supermarkets.
The privately-held IBT, which stands for International Banking Technologies, had revenues in 1992 of $20 million. It has installed about 600 in-store bank branches -- one-third of all in-store branches -- in 34 states.
First Financial, a computer services company with 1992 revenues of $1.5 billion, has been expanding rapidly.
Sold a Bank in Past Year
In the last 12 months, First Financial, also Atlanta-based, sold a thrift subsidiary and an outsourcing unit to concentrate on marketing information services.
First Financial said it will pay one million unregistered common shares for IBT. Subject to regulatory approval, the deal is expected to close in 30 to 45 days.
Founded in 1985, IBT built on its consulting work by forming a trade group, the InStore Bankers Alliance. It also tracked the growth of supermarket branching. The facilities have grown more than eightfold since 1985, and 28% since midyear 1992, to 1,749 as of June 30.
Entree into Supermarkets
A spokesman for First Financial said IBT could give its other businesses an entree into supermarkets.
First Financial also owns Nabanco, a merchant credit card processor; Microbilt, which builds systems for use in credit card authorizations; and Telecheck, a check guarantee company.
First Financial is developing an integrated product offering that includes processing and handling of credit cards, debit cards, and checks, as well as coupon fulfillment programs for food stores, the company said.