Fundtech Shareholders Approve Takeover By Private Equity Firm GTCR

Fundtech Ltd.’s shareholders approved the acquisition of the company by Chicago-based private equity partners GTCR at $23.33 a share, or $390 million.

The offer topped a previous agreement to acquire Israel-based Fundtech by S1 Corp., which itself subsequently was acquired by ACI Worldwide (see story).

Antitrust regulators with the U.S. Department of Justice have cleared the deal to merge Fundtech with GTCR’s BankServ operation, says Fundtech, which expects to close the acquisition toward the end of December.

Fundtech this week reported its third-quarter revenues rose 17%, to $42.2 million, while net income declined 55%, to $1.3 million.