(PR NEWSWIRE) Billing Concepts Announces Acquisition of Additional Interne
Billing Concepts Announces Acquisition of Additional Internet-Based Opportunity
SAN ANTONIO, Nov. 2 /PRNewswire/ -- Billing Concepts Corp. (Nasdaq: BILL)
announced today the execution of a definitive agreement to acquire FIData,
Inc., a San Antonio, Texas-based provider of Internet-based automated loan
approval products to the financial services industries. FIData has 84 credit
unions under contract to utilize its Internet-based products; 46 of which are
currently operational.
FIData was formed in 1987 to provide the credit union industry with self-
service technology. The proprietary products of FIData facilitate Internet-
based automated approval of vehicle (automobile, boat, motorcycle, RV, etc.)
personal loans (credit card, line-of-credit, and signature) and home equity
loans. The FIData state-of-the-art technology is easily installed and can
rapidly change a lender's website into an interactive revenue and self-service
center. In addition to credit unions, the FIData products have application in
the banking, insurance, mortgage and retail markets.
In conjunction with the FIData transaction, the Company also completed the
acquisition of an Austin, Texas-based company that is developing an Internet-
based financial services website focused on the credit union industry and its
members. The total consideration for these acquisitions is approximately
$4,000,000 in cash, 1,100,000 shares of Company common stock and debt
assumption of $900,000. The transaction is expected to close in November
1999.
Parris H. Holmes, Jr., Chairman and CEO of Billing Concepts, stated,
"These acquisitions are another step in building our presence in the world of
Internet commerce. We believe the transactions, along with our 27% stake in
Princeton eCom, position the Company to take advantage of the rapid growth in
Internet-based financial transactions across multiple industries. We are
pleased that key management and technical personnel of these companies are
continuing with the acquired businesses."
Mel Ray, President and CEO of FIData, stated, "We are excited about the
opportunity to be part of the Billing Concepts family. Billing's capital
resources will allow FIData to aggressively develop and market existing and
new FIData products and services as well to complete its vision of becoming a
comprehensive provider of Internet-based financial services."
The Company also announced today that it recently signed an agreement to
increase its ownership in Princeton eCom to 27% with an additional
$2.6 million equity investment. Princeton eCom is a Princeton, New Jersey-
based privately-held provider of comprehensive electronic bill presentment and
payment services via the Internet and telephone to financial institutions and
large businesses that generate recurring bills. Princeton also provides
electronic lockbox (els) and credit card balance transfer services.
Holmes added, "We began our Internet-related expansion in September 1998
with the initial investment in Princeton eCom. To date the Company has
invested or committed over $24 million of capital resources into the Internet
arena and we plan further investments in our Internet-related operations. We
will also continue to review additional strategic Internet acquisition
opportunities."
Billing Concepts is the largest third-party provider of LEC billing
clearinghouse and information services to the communications industry. With
over 400 customers throughout North America, the Company offers outsourced
billing solutions for service providers, from the newest entrants to some of
the largest facilities-based providers in the industry. Headquartered in San
Antonio, TX, Billing Concepts Corp. maintains offices in Austin, TX, Corpus
Christi, TX, Glendale, CA and Albany, NY. For more information, visit
www.billingconcepts.com.
Aptis, Inc.
Aptis is one of the most experienced companies providing comprehensive
business support software and professional services to Internet, data and
network service providers, as well as integrated communications providers
(ICPs) of virtually any size. Aptis software and services quickly and
dramatically improve an organization's ability to grow by optimizing revenues,
simplifying software complexities and accelerating its time-to-market with new
products and services. Aptis has over 125 completed U.S. installations and
enterprise-wide agreements with progressive, next generation network services
providers such as WinStar Communications, Inc., CTC Communications, U.S. West
and IBM Global Services. For more information, visit www.aptissoftware.com.
Certain statements contained herein are "forward-looking" statements (as
such term is defined in the Private Securities Litigation Reform Act of 1995).
Because such statements include risks and uncertainties, actual results may
differ materially from those expressed or implied by such forward-looking
statements. Factors that could cause results to differ materially from those
expressed or implied by such forward-looking statements include, but are not
limited to, those discussed in filings made by the Companies with the
Securities and Exchange Commission.
For Information Contact:
Michael T. Hynes, Vice President, Investor Relations and Treasury
210.949.7030
michael.hynes@billingconcepts.com
David P. Tusa, Senior Vice President and Chief Financial Officer
210.949.4010
david.tusa@billingconcepts.com
www.billingconcepts.com
SOURCE Billing Concepts Corp.
-0- 11/02/1999
/CONTACT: Michael T. Hynes, Vice President, Investor Relations and
Treasury, 210-949-7030, or email, michael.hynes@billingconcepts.com, or David
P. Tusa, Senior Vice President and Chief Financial Officer, 210-949-4010, or
email, david.tusa@billingconcepts.com, both of Billing Concepts Corp./
/Web site: billingconcepts.com
aptissoftware.com
(BILL)
CO: Billing Concepts Corp.; FIData, Inc.; Aptis, Inc.; Princeton eCom
ST: Texas, New Jersey
IN: FIN MLM
SU: TNM
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