CFI ProServices, Inc. has acquired OnLine Financial Communications Systems, Inc. and COIN Banking Systems, Inc, affiliates of MicroBilt Corporation, a subsidiary of First Data Corporation. Bicknell Advisory Services, Inc. of Scarsdale, New York initiated the transaction and acted as financial advisor to the buyer.
CFI is a leading provider of lending, operations, platform automation, call center, and electronic banking solutions to more than 5,000 financial institutions. Through acquisition of COIN and OnLine, CFI saw a unique opportunity to provide indirect loan origination capabilities to its customers and to expand its services to OnLine's customer base of over 1,000 financial institutions. With knowledge of the strategic objectives of its client, Bicknell Advisory Services was able to introduce this unique opportunity to CFI while maintaining the strict confidentiality required by the seller.
CFI ProServices is a publicly traded firm listed on the NASDAQ exchange. CFI will retain MicroBilt personnel and continue to operate the businesses from their Atlanta location. The companies' combined 1995 revenues were $47 million.