Security First Technologies said Tuesday that it is renegotiating its agreement to acquire Fics Group NV of Brussels.
The new terms would reduce the aggregate number of common stock shares that Security First would issue to Fics, a provider of technology for financial reporting and remote electronic banking. In addition, it would require Fics to meet a stated revenue hurdle before a percentage of the shares could be issued.
Robert F. Stockwell, chief financial officer of Security First, declined to elaborate on the renegotiation. An analyst who declined to be identified said the discussions follow lower-than-expected second-quarter earnings at the privately held Fics.
Security First's stock fell Tuesday by $3.3125, to $40.25.
In May the company announced intention to acquire Fics and Edify Corp., a Santa Clara, Calif., company that provides technology for Internet banking and voice electronic commerce, in separate transactions. The company said the discussions do not affect the Edify acquisition, which is expected to close at the end of the year. Adriana Senior