InterCept Inc., which provides banking software to community financial institutions, this week announced a major expansion in its merchant processing operations.
The Norcross, Ga.-based company will acquire the assets of Internet Billing Company Ltd, known as iBill, a transaction processing software maker based in Ft Lauderdale, Fla.
Separately, InterCept also plans to acquire Electronic Payment Exchange Inc., known as EPX, which provides transaction processing services.
InterCept provides core data processing, check processing and imaging, electronic funds transfer and data communications management to 160 community banks, and runs about $1 billion in annual transactions. The acquisitions of iBill and EPX, of Castle, Del., will allow InterCept to become a full service provider of end-to-end credit card processing for multiple sales channels, including Internet, point of sale, call center, mail order and wireless, company officials said.
iBills technology is designed specifically for online merchants and currently processes about $450 million in annual transaction volume, according to Garret Bender, iBills president and CEO.
Eliminating the need for businesses to establish multiple relationships with banks, front-end systems providers, gateways and back-end processing companies, EPX offers a single source for payment options. The company processes approximately $5 billion in annual transaction volume, according to Raymond Moyer, EPX president and CEO.
The acquisition of iBill and EPX is expected to add revenues to InterCept to the tune of $92 million to $94 million in 2003.
