Intercept Group Inc., a Norcross, Ga., electronic funds transfer and data processing servicer, last week closed a deal to buy SBS Corp. of Birmingham, Ala.
Terms of the cash and stock deal were not disclosed.
Privately held SBS, with about 1,000 community bank customers, adds check imaging software, disaster recovery services, optical storage systems, and interactive voice response software to Intercept's product lineup. Both companies had offered core data processing and Internet banking software and services. Together they have 270 Internet banking customers. SBS brings multiple products and services which we did not have and enhances the ones we already provided, said Scott Meyerhoff, chief financial officer at Intercept Group, which has about 900 community bank customers.
Competitors of the combined company, which will retain Intercept's name, include Jack Henry & Associates, Fiserv Inc., and Bisys Group.
Publicly held Intercept had revenue of $8.7 million in the first quarter, up 37% from a year earlier. Net income grew 253%, to $930,000.