US fintech vendor Fundtech has acquired UK-based Bacs payments processing specialist InterSoftware in a £2.7 million cash deal.
Headquartered in Manchester, InterSoftware had revenues of £1.1 million for the year ended December 31, 2008.
Fundtech says the acquisition, through its UK unit Accountis Europe, significantly expands its corporate payments customer base in the country to 8500 - over a third of all companies processing Bacs.
The vendor says the deal means InterSofware Bacstel-IP users will have access to a wider range of products and services in areas such as direct debit and credit management, remittance notification, fully automated enterprise payment workflow and electronic invoicing presentment and payment.
InterSoftware users that migrate to the Accountis Web-based ASP service will be able to add any of these modules instantly without any change to their IT infrastructure.
Peter Radcliffe, executive chairman, Accountis says: "This acquisition firmly positions Accountis as the leading player in the UK payments market. With access to 7600 new corporate customers, we have a unique opportunity to accelerate the growth of the Accountis' wide range of payment services, including our EIPP Network."
Fundtech bought electronic invoice presentment and payment systems provider Accountis for a total consideration of £5.8 million in cash last February.