Digital Insight Finalizes Acquisition Of 1View Network
Market Wire, June, 2000
Digital Insight Corporation (Nasdaq: DGIN) announced today the completed acquisition of 1View Network(TM) of San Francisco.
Digital Insight announced plans for the acquisition on April 10, 2000. The transaction, accounted for as a purchase, will result in 1View Network stockholders receiving at the time of closing a total of 630,000 shares of Digital Insight common stock and $2 million in cash. Digital Insight will also assume all outstanding options to purchase shares of 1View common stock through the transaction. In addition, the principal stockholder of 1View will receive approximately 178,000 additional shares of Digital Insight common stock and an additional $3 million in cash if 1View achieves certain performance objectives within a stated time.
Digital Insight, the leading Internet financial services enabler, plans on integrating 1View's product line into its suite of financial services. 1View's product line consists of the Consolidator(TM), the company's electronic bill presentment and payment (EBPP) product, which is in production, and Financial Planner(TM), an account aggregation tool, which is in beta testing.
"With the right tools and services, banks and credit unions can become their customers' 'central hub' for managing their financial relationships and responsibilities," said Digital Insight Chairman, President and CEO John Dorman. "By adding EBPP and proprietary aggregation technology to Digital Insight's growing list of financial products and services, we are best positioned to help them reach this potential."
For the transaction, Digital Insight was advised by Chase Hambrecht & Quist, and 1View Network was advised by Donaldson, Lufkin & Jenrette.
About Digital Insight
Digital Insight(TM) empowers financial institutions to provide Internet-based financial solutions to their retail and commercial customers via a cost- effective, outsourced service. The Company's unique AXIS(TM) architecture is the only ASP system designed to communicate in either real time or batch, based on the institution's core data processing system. AXIS is template-based, enabling retail and commercial Internet banking in multiple languages and across multiple access devices. Along with Internet Banking, Bill Payment and Cash Management, Digital Insight continues to offer more to its clients. Profit generating opportunities are offered through the following product lines: AXIS eCommerce, a financial web portal; AXIS Online Lending, a completely automated lending solution; and AXIS Advanced Target Marketing with its sophisticated data mining and predictive modeling capabilities. All of Digital Insight's products and services are secure, reliable, and scalable.
For more information about Digital Insight, go to www.digitalinsight.com.
Digital Insight. Beyond Internet Banking.(TM) Investor Information call (877) ASK-DGIN (877) 275-3446 Or visit the Investor Relations section at www.digtalinsight.com
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