Global Software Services Firm Buys
Leading Bill Payment & Remittance Provider to Strengthen
Position in Payment Processing Industry
NAPA, Calif. – June 12, 2008– Regulus,
the premier provider of paper and electronic bill presentment and
remittance processing
solutions in the United States, today announced the completion of its
acquisition by 3i Infotech, a global Information Technology firm which
provides technology solutions to over 600 customers
in more than 50 countries across 5 continents.
3i Infotech
announced in April that it had entered into an agreement with Regulus
Group to
acquire 100 percent of the company, including its products, trademarks
and
brands. 3i Infotech noted the completion of the acquisition last week
in a
filing with the Bombay Stock Exchange. Regulus
handles more than two billion paper and electronic transactions
annually
through 10 processing centers across the United States, in California, Georgia, Illinois,
New Jersey, North Carolina, Iowa and Texas. The
company has
more than 1,300 employees and serves more than 200 customers through
its direct
sales force and a select set of reseller partnerships. Regulus services
customers in the insurance, financial services, telecommunications,
utility and
healthcare markets.
As part of
the acquisition, current Regulus president and chief operating officer
Kathy
Hamburger will assume CEO responsibilities from long-time CEO Richard
Long, who
is retiring.
“Our
acquisition by 3i Infotech marks a strategic milestone for the company,
and
positions us for our next phase of growth,” said Ms.
Hamburger, CEO of
Regulus.“We’re
now aligned with a
complementary global solutions innovator who will provide
entré to entirely new
and significant market opportunities, domestically and
abroad.”
Regulus’ products
and services enable customers to outsource and automate their most
resource-consuming billing and payment requirements. Its
flagship product, the Transactions² suite,
creates value at every stage of the transaction lifecycle by delivering
greater control over paper
and electronic processes with increased productivity and reduced
management
requirements. One
in three FORTUNE 50 companies uses Regulus’ services.Regulus stores and
receives over two billion
images and processes over two billion transactions annually.
###
ABOUT
3i INFOTECH LIMITED
3i Infotech is a
rapidly growing global
information technology company with revenues of approximately $300M.
The
Company provides software and services to over 600 customers in more
than 50
countries across 5 continents. Its customers include public companies
and
companies in the banking, insurance, manufacturing, contracting,
retail, and
distribution industries. Its broad range of software and services
include
custom software development, IT consulting, IS and IT security
consulting,
Enterprise Application Integration (EAI), managed IT services, and
specialized
services such as product reengineering, compliance consultancy,
application
rehabilitation and eGovernance.
ABOUT
REGULUS
Regulus Group is the premier provider of
outsourced billing and payment services designed to accelerate cash, improve
corporate productivity and reduce overall management costs. Our integrated
approach to the payment lifecycle enables Regulus customers to outsource and
automate their most resource-consuming billing and payment requirements while
actually increasing control over the entire process. As one of the largest outsourced
payment processor in the United
States, Regulus services nearly two billion
paper and electronic transactions every year for companies in the Telecom,
Insurance, Finance, Utility, and Healthcare industries.