Harbinger Corp. has licensed its cash management software to Firstar Corp. and reportedly also reached licensing agreements with Mellon Bank Corp. and Fleet Financial Group Inc.
The Atlanta-based technology vendor provides PC-based software to the banking industry, which then resells it to business customers.
Milwaukee-based Firstar, which dubbed its new software bus.Ebanking, has put a high priority on small-business banking. The software will provide its customers with financial management and electronic funds transfer capabilities. It will also allow companies to generate financial electronic data interchange transactions.
Financial EDI is a technology standard that automates the exchange of payments and payment-related information in standard computer formats.
A source close to Harbinger said Mellon and Fleet have bought rights to the software too, but Harbinger officials would not confirm that.
Harbinger also announced that it had acquired Smart Solutions for Electronic Commerce Inc., a Traverse City, Mich., developer of EDI software. Terms were not disclosed.
James Davis, president of Harbinger, said it had resold Smart Solution's software for years. "The more we worked closer together, the more it made sense to combine the companies," he said.
The news contributed to the recent increases in Harbinger's stock price. Shares rose more than $7 last week, to $30.25 late Friday.