InterCept Inc., a provider of banking technology products and services for community financial institutions, has agreed to acquire Internet Billing Co. Ltd., known as iBill, a Ft. Lauderdale-based provider of transaction processing for web merchants. It also plans to acquire Electronic Payment Exchange Inc., an end-to-end provider of transaction processing services based in New Castle, DE. InterCept is paying about $160 million for the two acquisitions, the company says. Combined revenues will be about $80 million and the combined organizations will process more than $6 billion a year in payments. The combined customer base will be 50% online and 50% offline.
John W. Collins, InterCept’s CEO, stated, “Since 1996, we have provided merchant portfolio management services to community bank customers. However, our role has been limited to serving as the middleman for our bank customer and the payment processing companies. The acquisitions of iBill and EPX will enable InterCept to become a full-service provider of end-to-end credit card processing solutions for multiple sales channels--Internet, point of sale, call center, mail order and wireless channels. iBill and EPX fit perfectly into our plan to grow our company through strategic acquisitions of businesses that add large volumes of customers, provide recurring revenue and offer strong growth opportunities.”
Senior management of both companies will remain in place.