Fundtech Ltd. (NASDAQ: FNDT), a market leader in global corporate banking solutions, today announced further details about the acquisition of TROY Group Inc.’s ACH Software Product Line. The acquisition adds an important component to Fundtech’s existing line of cash management and corporate payments systems, and enables the company to offer a complete front-to-back corporate banking solution.
The Automated Clearing House (ACH) software line enables financial institutions to lower operating costs and deliver fast and efficient services to their corporate clients. The highly automated systems deliver real-time ACH transaction processing as well as automated exception handling. For small to mid-size banks that currently outsource ACH processing, Fundtech’s products offer greater control and flexibility.
With the new ACH product line, Fundtech is able to offer a single-vendor solution for corporate banking. Clients can expect seamless integration, smoother operations and better support than a multi-vendor solution. The products are currently server based, and Fundtech plans to offer an ASP option later in the year.
ACH transactions are a fast growing area of banking due to regulations such as Check 21 and BOC. According to the National ACH Association (NACHA), ACH transaction volumes grew by over 12 percent in the fourth quarter of 2007, moving over $7 trillion.
Commenting on the acquisition, Reuven BenMenachem, CEO of Fundtech said: “ACH transaction processing adds an important component to our suite of corporate banking products, and enables us to offer the most complete corporate banking suite of products on the market today. This supports our long-term goal of being the premier provider of financial technology to the market.”
About Fundtech
With fifteen offices on four continents, Fundtech Ltd is a leading provider of software solutions and services to financial institutions around the world. The company develops and sells a broad array of products across the "financial supply chain" that enable banks to automate their corporate banking activities in order to improve efficiency, while providing their customers flexibility, convenience and control. Fundtech offers products in five business segments: payments, cash management, settlements, financial messaging, and post-trade securities settlement.
Fundtech is a publicly traded company, listed on NASDAQ (FNDT). The company was founded in 1993. For more information, please visit www.fundtech.com.
Forward Looking Statements:
This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, projections of revenues, income or loss, capital expenditures, plans for growth and future operations, competition and regulation. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. When used in this Release, the words, "estimates," "expects," "anticipates," "believes," "plans," "intends," and variations of such words and similar expressions are intended to identify forward-looking statements that involve risks and uncertainties. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. The factors that could cause actual results to differ materially from those discussed or identified from time to time in Fundtech's public filings, including its Annual Report on Form 20-F for the year ended December 31, 2006, including general economic and market conditions, changes in regulations and taxes and changes in competition in pricing environment. Undo reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof. Fundtech undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this Release or to reflect the occurrence of unanticipated events.