CheckFree Corp., a maker of software for online bill paying, agreed to buy Carreker Corp. for $206 million to expand its payment processing and consulting services to the financial industry.
The terms value Dallas-based Carreker, which put itself up for sale in June, at $8.05 per share, a 5% premium over the stock's Friday closing price of $7.64 on the Nasdaq Stock Market.
Carreker has customers ranging from community and regional banks to the industry's giants, but its sales have been weak and its stock has languished. Last month, the company reported a small quarterly loss as revenue fell 1.7% to $28.3 million from a year earlier.
CheckFree, Atlanta, said the acquisition combines its payment processing services with Carreker's ability to capture and process digital images of paper checks. It said the combined company will be able to convert paper checks into electronic items earlier in the payment process.
CheckFree expects the transaction to close by March 31, pending shareholder and regulatory approvals. The transaction is expected to be dilutive to CheckFree's GAAP earnings per share in 2007 and 2008
source : WSJ
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