Carreker-Antinori to Acquire Genisys Operation, Inc; Synergistic to Payment Systems Capabilities.DALLAS--(BUSINESS WIRE)--Jan. 19, 1999--Carreker-Antinori, Inc., (Nasdaq: CANI CANI Constant And Never-ending Improvement ), a leading provider of consulting and software solutions to financial institutions announced that it has agreed in principle to acquire Genisys Operation, Inc. (Genisys), a leading provider of track and trace software solutions to financial institutions. This acquisition will enable Carreker-Antinori to provide solutions which will help financial institutions reduce costs and increase productivity in their check, ATM, cash, loan, and corporate mail operations through the use of barcode workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. and tracking technology, and information management software. The acquisition will be accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. and calls for shareholders of Genisys to receive 1.24 million shares of Carreker-Antinori common stock and is expected to be completed within the next two weeks subject to the completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , and the verification of the accretive nature of the transaction. Genisys' unaudited revenue for their fiscal year ended October 31, 1998, was $2.5million. "This acquisition will synergistically syn·er·gis·tic adj. 1. Of or relating to synergy: a synergistic effect. 2. Producing or capable of producing synergy: synergistic drugs. 3. add to our payment systems solutions suite," said J.D. "Denny" Carreker, chairman and chief executive officer of Carreker-Antinori. "Strategically, this acquisition helps Carreker-Antinori expand the functional areas of banking that we serve, and improves the value of our liquidity, risk, float management, consolidations and best practices core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
Kevin Taylor Kevin Taylor (born August 11, 1974) is an African-American professional skateboarder. He was born in Wildwood, New Jersey, began the sport at age 11, and turned professional at 16. Taylor skates in a regular stance, lives in Philadelphia. , President of Genisys Operation commented, "Both Carreker-Antinori and Genisys maintain a strong customer focus. Joining Carreker-Antinori will allow us to combine our software with Carreker-Antinori's consulting expertise to offer a complete solution to the banking industry. Moreover, Genisys has traditionally worked with clients through a single functional unit, whereas Carreker-Antinori is engaged across multiple functional units, allowing them to serve as a broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased strategic advisor and solutions provider. Now our sales forces, armed with an expanded suite of products and offerings, can work together in approaching organizations across several functional units, as we pursue both new and cross-selling business opportunities." Only last Thursday, Genisys announced the availability of an Internet add-on component to their existing Receive Sentry tracking system, ReceiveSentry.com, which enables financial institutions to collect and query tracking information via the corporate Intranet or the global Internet. "We are excited about these emerging Internet capabilities of Genisys and we expect to leverage them to Internet-enable our other capabilities where appropriate," Mr. Carreker said. Carreker-Antinori, Inc. is a leading provider of integrated consulting and software solutions that enable financial institutions to increase their revenues, reduce their costs and enhance their delivery of customer services. The Company's customers include approximately three-fourths of the largest 100 bank holding companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . For more information about Carreker-Antinori, please visit our web site at www.carreker-antinori.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are based upon current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described herein. The forward looking statements set forth in this press release are also subject to the public filings with the Securities and Exchange Commission by Carreker-Antinori, including those discussed under "Risk Factors" in Carreker-Antinori's Prospectus dated May 20, 1998. |
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