Spherys would have over 125 employees in four principal locations, Reston, VA, Westport,
CT, Orem, UT, and Toledo, OH. The proposed company's combined customer base would
include 22 of the nation's 100 largest financial institutions with approximately $1.0 trillion in total
assets. A partial list of the customers includes BancOne, BB&T, Compass Bank, Colonial,
Comerica, First Tennessee, Fleet Bank, Key Bank, Marquette, Mid-Atlantic CFCU, Old Kent,
Summit, US Trust, Webster Bank, and others. In addition, the companies maintain high-level
strategic and technology alliances with many of the leading bank processors, bill payment and
bill presentment providers including CheckFree, EDS, FDC, IBM, Integrion, Microsoft, Pulitzer
& Haney and TransPoint.
The merger is subject to the execution of a definitive agreement, InteliData and HFN
stockholder approval and other customary conditions. The combination of the companies was
negotiated as a "merger of equals" assigning equal value to each company in the merger. As
HFN's founding investor, InteliData presently owns 25 percent of the company. Consequently,
InteliData's current shareholders would receive approximately 63 percent of the shares of the
new company. InteliData's shareholders would be asked to approve the transaction at its 1999
annual meeting, which will be rescheduled for the summer with the timing subject to obtaining
any required regulatory approval.
Under the terms of the letter of intent, the management structure of the new Company would
consist of Daniel M. Schley, Chairman and CEO; Alfred S. Dominick, President; William F.
Gorog, Chairman of the Executive Committee of the Board of Directors; Andrew Bangser,
CFO; and Eric T. Jacobsen, Vice Chairman. |
