The InterCept Group, Inc., a leading provider of fully integrated electronic products and services for community financial institutions, announced it has acquired C-TEQ, Inc., a provider of data processing and check and statement imaging to approximately 40 community financial institutions located in Oklahoma and Texas.
John Collins, Chairman and Chief Executive Officer of InterCept, said, “We believe the acquisition of C-TEQ will add to our ever growing geographic presence and increase market awareness of InterCept as a leading technology provider for community financial institutions across the U.S. This transaction is consistent with our strategy of increasing our customer base and geography while enhancing value for our shareholders.”
! Ann Johnstone, President and Chief Executive Officer of C-TEQ commented, “It is our belief that by combining our operations with InterCept we will be able to better serve our customers with a full suite of technology solutions to help them continue to operate successfully. We are very pleased to be joining an organization with a strong reputation in the markets they serve and look forward to becoming a part of InterCept.”
InterCept believes this transaction will contribute revenues and EBITDA in 2001 of approximately $3.0-3.5 million and $0.5 million respectively. Additionally, InterCept believes the transaction will be neutral to 2001 earnings per share.
InterCept is a single-source provider of a broad range of technologies, products, and services that work together to meet the electronic commerce and operating needs of community financial institutions. InterCept’s services include electronic funds transfer, debit card programs, core bank processing software, check imaging, and data communications management, as well as Internet banking products and services through its affiliate, Netzee, Inc. More information about InterCept can be found on the Internet at [http://www.intercept.net].
C-TEQ provides financial institutions with data processing and check and statement imaging. The combination of hardware and software, coupled with C-TEQ’s technical expertise provides community financial institutions with the ability to offer the same services to customers as large financial institutions offer theirs. For more information about C-TEQ, visit its web site at [http://www.cteq.com].