Fundtech would get new debt financing for GTCR buyout bid

By Sara Rosenberg

New York, Sept. 15 - Fundtech Ltd. has received debt financing commitments to help fund its proposed acquisition by GTCR, according to a news release.

Royal Bank of Canada, BMO Capital Markets and Newstone Capital Partners provided the commitments.

Under the proposal, GTCR is offering to buy Fundtech for $23.33 in cash per ordinary share, and will then combine the company with its existing portfolio company, BankServ.

Fundtech's board of directors views the GTCR proposal as a superior offer to its previously announced merger agreement with S1 Corp. S1 has five business days to revise its offer, otherwise the merger agreement will be terminated.

S1's current offer is for the purchase of Fundtech for 2.72 shares of S1 common stock per ordinary share.

Closing on the GTCR transaction would occur in the fourth quarter, subject to receipt of Fundtech shareholder approval and satisfaction of other conditions.

Fundtech is a provider of software services that facilitate payments processing, financial messaging and cash management for financial institutions.

BankServ is a Las Vegas-based software-as-a-service provider of financial services and banking technology that offers wire transfer, SWIFT messaging, remote deposit capture, mobile and online payment processing technology.

The combined company, Fundtech Inc., would be based in Fundtech's existing U.S. headquarters in Jersey City, N.J.

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