CheckFree To Acquire Corillian For $245 Million

In a move that will increase the online services it can offer to consumers and small businesses, CheckFree Corp. will acquire Corillian Corp. The $245 million acquisition was announced Wednesday by the two companies.

Corillian, a provider of Internet banking software and services, will merge its online banking platform and suite of financial applications with CheckFree's electronic billing and payment and online transaction services.

CheckFree's infrastructure connects banks, billers, and millions of consumers, while Corillian supports more than 30 of the top 100 U.S. banks and 21 of the top 100 U.S. credit unions.

"CheckFree and Corillian will be able to deliver more efficient integration and innovation, while increasing consumer service levels across the online banking experience," said Pete Kight, CheckFree's chairman and CEO, in a statement.

CheckFree noted that it has been processing more than 1 billion transactions annually while distributing more than 18 million e-bills on a monthly basis through more than 2,000 financial services sites.

The companies said the acquisition is subject to customary stockholder and regulatory approvals.