Financial Technology, Inc. (FTI), located in Chicago, Illinois, has been acquired by HNC Software, in a stock and cash transaction.
HNC is a NASDAQ traded firm, based in San Diego, California.
Bicknell Advisory acted as financial advisor to the seller and assisted with valuation and negotiations.
Founded in 1982, FTI provides financial software to banks, thrifts, and credit unions.
Its principal products are used for profitability measurement and decision support and are delivered on desktop and client server platforms.
Other products include asset/liability management, general ledger and investment accounting.
ProfitVision, FTI's most recent product, is used to assess the historical profitability of all segments of an institution, including customer accounts, relationships, products, branches, officers and opportunities. FTI's products are installed in banks/financial institutions across North America, South America and Europe.
HNC will utilize FTI's expertise in the financial services marketplace to develop enhanced predictive profitability management tools suitable for that industry.
FTI will operate as a business unit of HNC and will remain headquartered in Chicago.
Bicknell Advisory Services, Inc. represented FTI and presented the Company on a confidential basis to a limited number of buyers who had expressed interest in the Company.