Business
ACI Worldwide Completes Corporate Online Banking Solutions Divestiture
$100 million cash proceeds enables future investments Increases focus on core businesses Enhances growth and financial flexibility MIAMI--(BUSINESS WIRE)--
About this update from Aci Worldwide, Inc.
[{"type":"text","content":"\n$100 million cash proceeds enables future investments\n\nIncreases focus on core businesses\n\nEnhances growth and financial flexibility\n\n MIAMI--(BUSINESS WIRE)--\nACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical real-time payment software, today announced the completion of the previously-announced sale of its corporate online banking solutions to One Equity Partners (\"OEP\"), a private equity firm, for $100 million in cash. The sale includes customer contracts, technology assets and intellectual property. The employees dedicated to these solutions have transitioned to the new company.\n\nThe divestiture aligns with ACI's three-pillar strategy, allows greater focus on faster-growing core business lines, and immediately produces cash to invest in the future.\n\n\"I am pleased to announce that we successfully closed the sale of our corporate online banking solutions and I am encouraged that the corporate online banking customers and employees will be served by a company strategically focused on taking the business to the next level,\" said Odilon Almeida, president and CEO of ACI Worldwide.\n\n\"Our focused and disciplined execution of our strategy continues to gain traction in line with our commitment to maximize shareholder value. The divestiture enhances our growth rates and provides additional flexibility to invest in growth and return capital to shareholders through share repurchases,\" he said.\n\n\"Our core business is resilient in a turbulent environment. This divestiture improves our growth profile and facilitates our progress towards achieving our targeted 7% to 9% revenue growth by 2024,\" Almeida concluded.\n\nThe company has repurchased 2.7 million shares for $80 million year-to-date through August 31, 2022, with $136 million remaining on its share repurchase authorization.\n\nACI is adjusting its full-year and third quarter 2022 guidance to reflect the online banking solutions divesture.\n\n\n\n \n\n\n\n \n\n\n\nPrior Guidance\n\n\n\nDivestiture impact\n\n\n\nAdjusted Guidance\n\n\n\n\n\nQ3 2022\n\n\n\nRevenue\n\n\n\n$310 million to $325 million\n\n\n\n$4 million\n\n\n\n$306 million to $321 million\n\n\n\n\n\n\n\n\n \n\n\n\n\nAdjusted\n\n\n\n$50 million to $65 million\n\n\n\n$1 million\n\n\n\n$49 million to $64 million\n\n\n\n\n\n\nEBITDA\n\n\n\n\n \n\n\n\nFull Year 2022\n\n\n\nRevenue\n\n\n\n$...