FTNI Has Acquired RemitPro


Advisory Role: Krall & Co. Inc. acted as exclusive financial advisor to RemitPro.

Announcement Date: July 24, 2012.

Target: RemitPro provides remote deposit capture and identity verification software as a service for broker/dealers, clearing firms, banks and corporations. The Company’s flagship product, eRemitPro is a remote deposit capture solution that enables users to capture check images at the point of presentment and transmit electronic deposits to their banks. Unlike some other remote deposit solutions sold to merchants through bank resellers, eRemitPro is bank agnostic. eRemitPro handles complex deposit transactions, archives images and enables management to oversee workflow and generate real-time management reports and detailed pending and cleared deposit reports. RemitPro’s other product, RiskAlert, is a risk management solution which is used primarily by broker-dealers and banks to facilitate compliance with the Verification of Identity provisions of the USA PATRIOT Act. RemitPro was founded in 2001 and is located in Omaha, Nebraska.

Seller: New Atlantic Ventures, an early stage venture capital fund, and individual investors.

Buyer:  Financial Transmission Network, Inc.’s (FTNI) ETran platform incorporates remote deposit capture (check scanning), ACH, credit card and cash processing on single, managed platform to help clients reduce costs, accelerate timelines and improve transaction processing quality. The Company’s software enables customers to setup recurring payments (ACH & credit card) through the ETran front-end or via web, offer full invoice presentment and provide custom integration into back offices systems, thereby reflecting the payment activity in the merchant’s A/R system.  This technology offers merchants a turn-key, single-payment platform in a software-as-a-service (“SaaS”) environment that is fully PCI-compliant, thereby eliminating the hardware and software costs associated with traditional solutions.  Due to its modular approach and easy deployment, the ETran platform can be deployed in a variety of verticals and customized easily to fit the end-users needs.  The Company was founded in 2007 in Omaha, NE.

Deal Rationale: FTNI picks up advanced web-based remote deposit capture technology to complement its own .Net RDC platform and an attractive customer base in a new industry vertical.  In addition, FTNI plans to achieve some cost savings in this cross-town transaction.

Terms: Financial terms were not disclosed.