ACI Worldwide Increases Share Repurchase Program to $113 Million
NAPLES, Fla., Sept. 13, 2012 (GLOBE NEWSWIRE) -- ACI Worldwide (Nasdaq:ACIW), a leading international provider of payments systems, announced today that the Company's Board of Directors has authorized an increase to its Share Repurchase Program to 2.5 million shares of the Company's common stock. This represents $113 million of repurchase capacity, based on the $45.21 closing trading price per ACI share on September 13, 2012. Under the pre-existing Share Repurchase Program, year-to-date as of September 13, 2012, ACI has repurchased 1.43M shares.
ACI also announced that pursuant to the 2007 Master Alliance Agreement between ACI and IBM, IBM plans to start exercising its 2.8 million warrants to purchase ACI common stock. These warrants, which expire in December 2012, were issued by ACI as part of the two companies strategic alliance formed in 2007. ACI plans to use a portion of the proceeds to pay down its revolving debt facility.
"The IBM/ACI alliance has yielded benefits for both companies, as well as our customers, through joint technology innovation in electronic payments. We look forward to continued collaboration," said Craig Maki, Senior Vice President, corporate development officer, ACI Worldwide.
"IBM values its longstanding relationship with ACI," said James Wallis, Vice President, Global Payments Industry, IBM. "When the alliance was formed with ACI in 2007 the stock warrants gave IBM a way to participate in ACI's success. IBM is exercising the warrants to take advantage of the growth in value achieved during the past several years."
About ACI Worldwide
ACI Worldwide powers electronic payments and banking for more than 1,650 financial institutions, retailers and processors around the world. ACI software enables $12 trillion in payments each day, processing transactions for 14 of the leading global retailers, and 24 of the world's 25 largest banks. Through our integrated suite of software products and hosted services, we deliver a broad range of solutions for payments processing, card and merchant management, online banking, mobile, branch and voice banking, fraud detection, and trade finance. To learn more about ACI and the reasons why our solutions are trusted globally, please visit www.aciworldwide.com. You can also find us on www.paymentsinsights.com or on Twitter @ACI_Worldwide.
© Copyright ACI Worldwide, Inc. 2012.
ACI, ACI Payment Systems, the ACI logo and all ACI product names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners.
This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and include words or phrases such as "believes," "will," "expects," "anticipates," "intends," "estimates," "our view," "we see," "would" and words and phrases of similar import. The safe harbor provisions of the Private Securities Litigation Reform Act of 1995 do not apply to any forward-looking statements made in connection with an exchange offer.
We can give no assurance that such expectations will prove to have been correct. Actual results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management. These risks and uncertainties include, but are not limited to, the following: (1) negative effects on ACI's business or S1's business resulting from the pendency of the proposed transaction, (2) that ACI may not achieve the synergies and other expected benefits within the expected time or in the amounts it anticipates, and (3) that ACI may not be able to promptly and effectively integrate the merged businesses. Other factors that could materially affect ACI's and S1's respective businesses and actual results of operations are discussed in their most recent Annual Reports on Form 10-K, as well as other filings with the SEC, available on the SEC's website located at www.sec.gov.
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