S1 Corporation and Fundtech to Merge
S1 Corporation and Fundtech have entered into a definitive agreement to combine businesses through a stock-for-stock merger. The combined company will be headquartered at S1’s headquarters in Atlanta, Georgia and will be called Fundtech.
Reuven BenMenachem will serve as executive chairman of the combined company and Johann Dreyer will serve as chief executive officer (CEO). The combined company will have an eight-member board composed of existing directors from both companies.
“This merger will create an industry leader that provides a complete suite of technologically advanced transaction banking solutions,” said Reuven BenMenachem, CEO, Fundtech. “The S1 and Fundtech organisations and cultures are very similar in their commitment to deliver innovative products and generate the highest levels of customer satisfaction. The companies have complementary product offerings and extensive cross-selling opportunities which will position the combined company to secure larger contracts and cultivate more strategic relationships with customers.”