MOUNDS VIEW, Minn. - Liberty Enterprises Inc., which sells check and payment services to credit unions, has acquired Cavion Technologies Inc., a Denver company that supplies Internet banking software to credit unions.
Cavion, which had more than 200 credit union customers, filed for protection from creditors under Chapter 11 of the federal Bankruptcy Code in late December. The U.S. Bankruptcy Court in Denver approved Liberty's acquisition proposal Friday.
Electronic Data Systems of Plano, Tex., and Sunstar Communications LLP, a Tampa Internet service provider, also bid for Cavion.
"We view this as an acknowledgement of Liberty's marketplace credibility as well as a sign of confidence in Cavion's products and services," said Michael J. Provenzano, executive vice president for Internet applications at Liberty, who now heads the Liberty-Cavion unit.
Fifteen-year-old Liberty has 920 employees and more than 5,000 credit union customers.