Real-time payment software company ACI Worldwide has officially sold its corporate online banking solutions to venture capital firm One Equity Partners for $100 million, a press release said.
This sale will encompass customer contracts, technology assets and intellectual property, and the employees working in those divisions will now be working for One Equity Partners. It will allow ACI to focus more on priorities like faster-growing core business lines.
“I am pleased to announce that we successfully closed the sale of our corporate online banking solutions and I am encouraged that the corporate online banking customers and employees will be served by a company strategically focused on taking the business to the next level,” said Odilon Almeida, president and CEO of ACI Worldwide.
He added that the strategy would give the company more resilience in a “turbulent environment,” and the divestiture will help it add more revenue growth.
Now that the ACI Worldwide corporate online banking services have been bought by One Equity, they will operate as an independent company called Dragonfly Financial Technologies as of Thursday (Sept. 1).
Read more: Former ACI Worldwide Banking Unit Debuts as FinTech Firm Dragonfly
PYMNTS wrote that the acquisition happened because of a rise in demand for the API-driven automated digital banking and treasury management solutions. More banks have added cloud-based IT ecosystems, which help with functionality and cutting down on costs.
Dragonfly’s autonomy and resources will see it adding new innovations in products, expanding its team and targeting more commercial banking services. Because of the surge in demand for cloud products, Dragonfly will focus on boosting its cloud-based digital business banking program.
Dragonfly already served over 40 banking and financial services customers around the world.
“Customers widely recognize our products as delivering a tremendous level of innovation and value to their business through our features, user experience and hundreds of API integrations — and now we have the independence, focus and investment to accelerate our product roadmap and bolster our overall customer success experience,” Dragonfly CEO Johan Roets said in the release.
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