Real-time payment software company ACI Worldwide has officially sold its online banking solutions to venture capital firm One Equity Partners for $100 million, according to a press release.
This sale will encompass customer contracts, technology assets and intellectual property, and employees working in these divisions will now work for One Equity Partners. This will allow ACI to focus more on priorities such as faster growing core business areas.
“I am pleased to announce that we have successfully completed the sale of our corporate online banking solutions and I am encouraged that corporate online banking customers and employees will be served by a strategically focused on the evolution of the business,” 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 that the divestment would help it further increase its revenue.
Now that ACI Worldwide’s corporate online banking has been purchased by One Equity, it will operate as an independent company called Dragonfly Financial Technologies from Thursday (September 1).
Read more: Former ACI Worldwide Banking unit debuts as FinTech Firm Dragonfly
PYMNTS wrote that the acquisition took place due to an increase in demand for API-based automated cash management and digital banking solutions. More and more banks have added cloud-based IT ecosystems, which contribute to functionality and cost reduction.
Dragonfly’s autonomy and resources will allow it to add new product innovations, expand its team and focus more on commercial banking. Due to the surge in demand for cloud products, Dragonfly will focus on strengthening its cloud-based business digital banking program.
Dragonfly has already served more than 40 banking and financial services customers around the world.
“Customers widely recognize that our products deliver a tremendous level of innovation and value to their business through our features, user experience, and hundreds of API integrations – and we now have the independence, focus and investment needed to accelerate our product roadmap and strengthen our overall customer successful experience,” said Johan Roets, CEO of Dragonfly, in the release.
New PYMNTS Study: How Consumers Use Digital Banks
A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.
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