Tennessee-based Goldleaf Financial Solutions has agreed to sell its core processing and teller automation systems to Integrated Bank Technology (IBT). Financial terms were not disclosed.
A strategic alliance will also see IBT provide core, teller and outsourced item processing to Goldleaf clients.
Goldleaf says the move to sell the core and WinTeller systems - representing $1.7 million of expected 2009 revenue - is part of a strategy to focus on its payments technology business following a board review last year.
In May, the vendor engaged an investment banking firm to look into divesting its RMSA unit, which provides management services to small business retailers. The division has not yet been sold but Goldleaf says it has "conducted substantial discussions with potential buyers".
"We will carefully review opportunities to sharpen our payments focus, while staying mindful of the value and contribution of various business lines to our continuing operating performance," says Lynn Boggs, CEO, Goldleaf. "These efforts will continue to be a high priority for the company in 2009, as we seek additional opportunities to enhance shareholder value and further our strategic goals."
In addition, Goldleaf says its executive vice president, finance and strategy, Scott Meyerhoff, has quit. His duties are being taken over by Dan Owens, CFO and EVP, finance. The firm is also looking at candidates with payments industry experience to join the board.
View Goldleaf's market data here