CyberStarts Signs Letter of Intent to Purchase Billserv, Inc.
Wednesday April 16, 4:29 pm ET
ATLANTA and SAN ANTONIO, April 16 /PRNewswire-FirstCall/ -- CyberStarts, Inc., a leading financial services technology holding company, has signed a letter of intent to acquire certain assets of Billserv, Inc. (OTC Bulletin Board: BLLS - News). Billserv is the leading electronic bill presentment and payment (EBPP) Outsourced Solution Provider.
"Billserv's management and employees have been instrumental in defining EBPP and have created tremendous value through the Company's robust, comprehensive offerings. We are excited about the potential for integrating these innovations with our services," said Ashish Bahl, CEO of CyberStarts. "With this acquisition, CyberStarts will take Billserv to the next level. We expect to continue the Company's recently-reported growth as we continue to provide top-level service to Billserv's exceptional client base while also expanding to new markets in North America and abroad."
Under the agreement, CyberStarts will pay $4.8 million to purchase certain Billserv assets. Billserv will continue operations, supporting customers until the close of the transaction, after which it will focus on building its electronic payments presence, operate its bills.com consumer bill payment portal and continue supporting Billserv Australia, an international joint venture doing business in Australia, New Zealand and Asia Pacific.
Stifel, Nicolaus & Company acted as exclusive financial advisor to Billserv and initiated the transaction between Billserv and CyberStarts.
The acquisition is subject to the negotiation and execution of definitive agreements, and approval by Billserv's shareholders. . .
biz.yahoo.com |
