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ACI Digital Business Banking is ACI’s technology platform that delivers solutions to commercial and business banking customers through an API-driven interface.
OEP, a private equity firm, purchased the platform in a deal believed to be worth around $100 million.
OEP is believed to have paid this value in cash.
The sale includes customer contracts, technology assets and intellectual property. Employees dedicated to these solutions have moved to the new company.
As companies evolve, they often find themselves dabbling in too many lines of business. Therefore, in order to maintain earnings, companies may attempt to sell or exchange some or all of their assets in a so-called sale.
In an official statement, Odilon AlmeidaACI Worldwide’s president and CEO has confirmed that the sale of the platform is to “maximize shareholder value.”
Almeida elaborated on this, predicting that the sale would “improve our growth rate and give us even more flexibility to invest in growth and return capital to shareholders through share buybacks.”
The sale will allow ACI to focus more on its rapidly growing core business lines while providing cash for future investments.
Our core businesses are resilient in a turbulent environment. be encouraged.
The company has repurchased 2.7 million shares for $80 million year-to-date through August 31, 2022, with $136 million remaining for share repurchase authorization.
ACI has confirmed that it has adjusted its guidance for the full year and third quarter of 2022 to reflect the sale of its online banking solutions.
