Payments and electronic banking solutions providers S1 Corp. and Fundtech Ltd. announced that they will merge via a stock-for-stock transaction. Fundtech investors will receive 2.72 shares of S1 common stock for each share of Fundtech. The companies say the merger is valued at about $700 million.
Atlanta-based S1, which has 3,000 customers for its payments and banking solutions, had $209 million in revenue in 2010. Jersey City, N.J.-based Fundtech, which provides payments systems and cash management systems and operates a SWIFT service bureau, had $142 million of 2010 revenue.