According to the agreement, Corillian will pay $4.5 million in cash and will issue around 4.9 million shares of its common stock to InteliData shareholders.
Alex Hart, president of Corillian, commented that the deal would help consolidate its relationship with Intelidata’s customers, most of whom have connections with the online banking company, to provide substantial cross-sell opportunities for existing Corillian products and services.
InteliData’s solutions have been successfully deployed at many leading financial institutions, including five of the top ten and 12 of the top 100 US banks. Current InteliData customers include Bank of America, Wachovia, National City and Bank of the West.
Corillian shares were up one cent to $3.48 at closing, while InteliData shares fell two cents to 29 cents.
