CheckFree Acquires Accurate Software to Extend its Global Software Presence and Operational Risk Management Leadership
03 Maio 2005 - 10:50AM
PR Newswire (US)
CheckFree Acquires Accurate Software to Extend its Global Software
Presence and Operational Risk Management Leadership ATLANTA and
LONDON, May 3 /PRNewswire-FirstCall/ -- CheckFree Corporation
(NASDAQ:CKFR) today announced that it has acquired Accurate
Software, a U.K.-based provider of reconciliation, exception
management, workflow and business intelligence solutions. Accurate
will become part of CheckFree's Software Division to further
solidify its leadership in financial software and services, expand
the Company's global presence and client base, and drive continued
product innovation in operational risk management solutions for
banks, securities firms and corporations. CheckFree purchased all
of the outstanding shares of Accurate for approximately $56 million
in cash, subject to certain post-closing adjustments. The
acquisition was completed on April 30, 2005. The acquisition of
Accurate demonstrates CheckFree's commitment to invest in the
development and delivery of a comprehensive operational control
framework to the world's leading financial institutions and
corporations. The acquisition positions CheckFree Software as the
global leader in operational risk management solutions that deliver
greater control of financial transactions. "Banks, securities firms
and corporations are experiencing increasing operational complexity
in an environment of closer regulatory scrutiny. As a result, these
companies are actively seeking technology solutions that can help
them realize operational efficiencies and more effectively manage
risk," said Randy McCoy, executive vice president, CheckFree
Corporation, and general manager of CheckFree Software.
"CheckFree's products and experience, combined with Accurate's
talented team, international client base and proven solutions, will
enable our customers to meet these increasingly global challenges.
The addition of Accurate to CheckFree will accelerate
speed-to-market of advanced operational risk management solutions,
and deliver greater long-term value to our customers." "When we
founded Accurate in 1993, we shared a vision based upon three
principles - expertise, innovation and true partnership," said
Philip Hall, co-CEO and co-founder of Accurate. "These key
strengths are highly compatible with CheckFree's management
philosophy, software development approach and commitment to being a
world-class organization." "CheckFree brings financial resources
and a commitment to the market that we believe will benefit our
customers," said Nick Osborn, co-CEO and co- founder of Accurate.
"We look forward to a very positive next chapter for our
associates, customers and product evolution." CheckFree and
Accurate together will deliver best-in-class solutions that enable
companies to dynamically manage, monitor and mitigate risk. These
products will target bottom-line growth through increased
operational efficiency and financial control. Accurate's flagship
platform, Accurate NXG, is SWIFTReady Gold accredited and has been
implemented by leading financial institutions and corporations
around the globe. For securities firms, the integration of
CheckFree and Accurate's products strengthens the company's
end-to-end post-trade securities processing platform, all of which
now incorporate SWIFTReady Gold-accredited technology. For banks,
the integration of CheckFree and Accurate's products creates a
comprehensive operational risk control framework. CheckFree and
Accurate serve a combined worldwide customer base of more than
1,500 top-tier corporations across a range of industries in Europe,
Asia Pacific and the United States, including banking, securities,
insurance and retail. Accurate is based in Wokingham, England and
has offices in Atlanta, New York, London, Luxembourg and Sydney,
while CheckFree's locations outside the United States include
Waterloo, Ontario, Canada; and London, Slough, Berkshire, and
Rickmansworth, England. The addition of Accurate to CheckFree
immediately strengthens the global presence of the organization and
positions it for continued expansion in Europe and Asia Pacific. At
the same time, CheckFree brings to Accurate strong financial
resources to invest in the business and a commitment to innovation
and quality that will benefit the combined customer base. Both
CheckFree and Accurate were recently recognized by industry
research firms for their leadership in the reconciliation market.
In April 2005, Financial Insights reported that CheckFree is one of
three dominant U.S. industry players and the most dominant in the
enterprise application market. The same report cites Accurate's
service, capabilities and growth rate as reasons for its place as a
top reconciliation/exception management provider to watch for
future leadership. Update to Fourth Quarter and Fiscal 2005
Financial Outlook For the fourth quarter of fiscal 2005 and fiscal
year ending June 30, 2005, the acquisition of Accurate is expected
to contribute revenue of about $3 million to CheckFree, be dilutive
to GAAP earnings per share by about $0.02 per share due to charges
associated with the close of the transaction, and be about neutral
to underlying earnings per share. The company now expects fourth
quarter revenue in the range of $197 to $202 million, and GAAP
earnings per share in the range of $0.13 to $0.15, and continues to
expect underlying earnings per share in the range of $0.37 to
$0.39. For fiscal 2005, the Company now expects GAAP earnings per
share in the range of $0.51 to $0.53, and continues to expect
earnings per share on an underlying basis of $1.41 to $1.43. The
company expects the Accurate acquisition to be neutral to modestly
accretive to earnings per share for the fiscal year ending June 30,
2006. The difference between GAAP (Generally Accepted Accounting
Principles) and underlying earnings expectations for fiscal 2005
and the fourth quarter of fiscal 2005 is due to expected
acquisition-related intangible amortization expense and a gain on
the sale of investments, along with the related tax impact of each.
See "Use of Non-GAAP Financial Information" below for a discussion
of our use of non-GAAP financial measures such as underlying
earnings per share. About CheckFree ( http://www.checkfreecorp.com/
) Founded in 1981, CheckFree Corporation (NASDAQ:CKFR) provides
financial electronic commerce services and products to
organizations around the world. CheckFree Electronic Commerce
solutions enable thousands of financial services providers and
billers to offer their customers the convenience of receiving and
paying their household bills online or in person through retail
outlets. CheckFree Investment Services provides a broad range of
investment management solutions and outsourced services to
thousands of financial services organizations, which manage more
than $1 trillion in assets. CheckFree Software develops, markets
and supports software applications that are used by financial
institutions to process more than two-thirds of the 10 billion
Automated Clearing House transactions in the United States. The
division also provides global trade processing, reconciliation,
financial messaging, compliance and electronic billing and
statement software to hundreds of organizations across the globe.
Certain of CheckFree's statements in this press release are not
purely historical, and as such are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These include statements regarding management's
intentions, plans, beliefs, expectations or projections of the
future, and include statements in this document regarding forecasts
and expectations of revenue and earnings per share for the fourth
quarter and earnings per share for fiscal 2005 as a whole
(paragraphs 9 and 10). Forward- looking statements involve risks
and uncertainties, including without limitation, the various risks
inherent in CheckFree's business, and other risks and uncertainties
detailed from time to time in CheckFree's periodic reports filed
with the Securities and Exchange Commission, including CheckFree's
Annual Report on Form 10-K for the year ended June 30, 2004 (filed
September 3, 2004), Form 10-Q for the quarter ended September 30,
2004 (filed November 9, 2004) and Form 10-Q for the quarter ended
December 31, 2004 (filed February 8, 2005). One or more of these
factors have affected, and could in the future affect CheckFree's
business and financial results in future periods, and could cause
actual results to differ materially from plans and projections.
There can be no assurance that the forward-looking statements made
in this press release will prove to be accurate, and issuance of
such forward-looking statements should not be regarded as a
representation by CheckFree, or any other person, that the
objectives and plans of CheckFree will be achieved. All
forward-looking statements made in this press release are based on
information presently available to management, and CheckFree
assumes no obligation to update any forward-looking statements. Use
of Non-GAAP Financial Information CheckFree supplements its
reporting of revenue, income (loss) from operations, net income
(loss) and earnings (loss) per share information determined in
accordance with GAAP by using "underlying revenue," underlying
income (loss) from operations," "underlying net income (loss)" and
"underlying earnings (loss) per share." Management believes that
certain non-cash adjustments to revenue or expense enhance the
company's evaluation of its performance, and are not pertinent to
day to day operational decision making in the business. Therefore,
CheckFree excludes these items from GAAP revenue, income (loss)
from operations, net income (loss) and earnings (loss) per share in
calculating underlying revenue, underlying income (loss) from
operations, underlying net income (loss) and underlying earnings
(loss) per share. Examples of such non-cash charges may include,
but not be limited to, intangible asset amortization expense and
in-process research and development costs associated with
acquisitions, charges associated with the impairment of intangible
assets, charges resulting from warrants issued to third parties,
and charges associated with reorganization activities, all offset
by the cumulative tax impact of these charges. CheckFree excludes
these items in order to more clearly focus on the factors it
believes are pertinent to the daily management of the company's
operations, and management uses underlying results to evaluate the
impact of operational business decisions. CheckFree regularly
reports underlying results to its Chairman and Chief Executive
Officer, the company's chief operating decision maker, who uses
this information in allocating resources to CheckFree's various
business units. Additionally, as CheckFree rewards its management
for their decisions that increase revenue and decrease controllable
costs, the company uses underlying revenue and underlying income
(loss) from operations as factors in determining short-term
incentive compensation for management, and uses underlying revenue,
underlying net income (loss) and underlying earnings (loss) per
share as factors in determining long-term incentive compensation
for management. Because CheckFree utilizes underlying financial
results in the management of its business and to determine
incentive compensation for management, the company believes this
supplemental information is useful to investors for their
independent evaluation and understanding of the performance of the
company's management and its core business performance. CheckFree's
underlying revenue, underlying income (loss) from operations,
underlying net income (loss) and underlying earnings (loss) per
share should be considered in addition to, and not as a substitute
for, revenue, income (loss) from operations, net income (loss) or
earnings (loss) per share or any other amount determined in
accordance with GAAP. CheckFree's measures of underlying revenue,
underlying income (loss) from operations, underlying net income
(loss) and underlying earnings (loss) per share reflect
management's judgment of particular items, and may not be
comparable to similarly titled measures reported by other
companies. DATASOURCE: CheckFree Corporation CONTACT: Media, Judy
DeRango Wicks, +1-678-375-1595, or , or Investors, Tina Moore,
+1-678-375-1278, or , both of CheckFree Corporation; or European
Media, Ruth Brown of Write Image Limited, +44 (0)20 7959 5400, or
Web site: http://www.checkfreecorp.com/
Copyright
Checkfree Corp (MM) (NASDAQ:CKFR)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Checkfree Corp (MM) (NASDAQ:CKFR)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024