Electronic transaction management software company SLM Software Inc has agreed to acquire Bankline Holding Inc, for $20m in cash and stock. Bankline Holdings is a privately-held supplier of client/server core banking services and imaging technology for community banks and credit unions throughout the US. SLM claimed the acquisition will create the only single-source provider of electronic transaction management software and outsourcing services for the mid-tier US market. Bankline is a profitable concern which boasts $20m in annual sales and has a strong recurring revenue base, SLM said. It will be run as an autonomous, wholly-owned subsidiary of SLM. Terms of the deal call for SLM to hand over $8.6m in cash, with the remainder of the purchase price paid in SLM shares and performance-based incentive stock options at a fixed strike price of $9.81.
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