InteliData Affiliate Home Financial
Network Acquired By Sybase in a
Transaction That Provides $39 Million to
InteliData
RESTON, Va., Jan. 21 /PRNewswire/ -- InteliData Technologies
Corp. (Nasdaq: INTD), a leader in Internet banking and bill
payment technology, today reported that Sybase, Inc. has closed
on the transaction reported on December 1, 1999, and has
acquired Home Financial Network (HFN) establishing it as a wholly
owned subsidiary of Sybase. HFN was formed in 1995 with
InteliData as its initial outside investor. Subsequently, other
investors were added, reducing InteliData's ownership to
approximately 25 percent.
Under terms of the purchase concluded on January 20, Sybase
acquired HFN for a combination of cash and stock. InteliData will
receive approximately $5.8 million in cash and 1,773,000 shares
of Sybase common stock. Using the January 20 closing price for
Sybase stock, the transaction will provide InteliData with
approximately $39 million in cash and stock.
InteliData founder and Chairman William F. Gorog, commented on
the transaction, "The sale of our interest in Home Financial
Network is a huge step forward for InteliData, providing a level
of financial stability and capital that helps ensure our long-term
viability as we grow our organization to handle the new business
opportunities on the horizon."
Gorog continued, "As banks are moving past Y2K issues, we hope
to see the financial community accelerating their entry into the
electronic banking arena with industrial strength solutions. As the
only company that provides mainframe software applications for
Internet banking, InteliData is well positioned to be the leader in
this sector."
About InteliData (www.intelidata.com)
InteliData, with headquarters in Reston, Va., is a leading supplier
of Internet banking and bill payment solutions. Eight of the top
100 U.S. banks are customers of InteliData's current generation
of Internet banking products and services, and twenty of the top
100 U.S. financial institutions and financial service providers have
chosen InteliData's products and services for their electronic
financial delivery. The Company's products provide financial
institutions with highly scalable and reliable Internet transaction
and payment processing solutions that give them total control of
customer information and payment processing. These services
allow consumers to securely and reliably check account balances
in "real-time", view account transaction history, transfer funds
between accounts, and do online bill payment to any of the
consumers' billers. The Company's products include the
Interpose(TM) Transaction Engine, Interpose(TM) OFX Gateway,
and the Interpose(TM) Payment Warehouse.
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995: This release contains forward looking
statements that are subject to risks and uncertainties, including,
but not limited to, the impact of competitive products, pricing
pressure, product demand and market acceptance risks, year
2000 compliance issues, pace of consumer acceptance of home
banking, mergers and acquisitions, risk of integration of the
Company's technology by large software companies, the ability of
financial institution customers to implement applications in the
anticipated time frames or with the anticipated features,
functionality or benefits, reliance on key strategic alliances and
newly emerging technologies, the on-going viability of the
mainframe marketplace and demand for traditional mainframe
products, the ability to attract and retain key employees, the
availability of cash for growth, product obsolescence, ability to
reduce product costs, fluctuations in operating results, ability to
continue funding operating losses, delays in development of highly
complex products and other risks detailed from time to time in
InteliData filings with the Securities and Exchange Commission.
These risks could cause the Company's actual results for 2000
and beyond to differ materially from those expressed in any
forward looking statements made by, or on behalf of, InteliData.
SOURCE: InteliData Technologies Corp.
CONTACT: Rob Borella of InteliData, 703-259-3017 or rborella@intelidata.com |
