FT Partners' Advises Alogent in its $42.5 Million Sale to Goldleaf Financial Solutions
Overview of Transaction
- On January 17, 2008, Goldleaf Financial Solutions ("Goldleaf") entered into an agreement to acquire Alogent Corporation ("Alogent") for $42.5 Million (as adjusted) in a mix of cash, stock and convertible notes
- Alogent is a provider of fully integrated end-to-end deposit automation and image based transaction processing solutions
- Goldleaf (NASDAQ: GFSI) offers technology based products and services for community banks and other financial institutions. Its products and services include data processing, item processing and check imaging, ACH origination and processing, remote check capture and deposit processing and teller automation systems
- The acquisition allows Goldleaf to expand its current payment processing platform, specifically its remote deposit capture services
- Transaction further highlights the recent trends and demand for remote deposit capture services post Check 21 legislation
- FT Partners acted as exclusive strategic and financial advisor to Alogent and its Board of Directors
- Multiple parties were interested in Alogent and FT Partners played a significant role negotiating with all suitors to maximize the value for Alogent's shareholders