Fundtech Expands European Presence with Prang Acquisition
Fundtech has announced the closing of its acquisition of Prang GmbH (Prang), a provider of payments software located in Frankfurt, Germany. Under the terms of the definitive agreement, Fundtech will pay €4.0m in cash at closing and an additional amount of up to €4.0m in cash will be paid over the next four years, based on the financial performance of Prang. Significant changes are underway in the payments landscape in Europe including the single euro payments area (SEPA) and TARGET2. Together with Fundtech’s SEPA payment system offering for larger banks in this market, Prang’s SEPA products will further enhance Fundtech’s market reach. Prang reported un-audited revenues of €2.5m for the 12 month period ended 31 December 2006.