3i Infotech, a global information technology company, today announced it has signed an agreement to acquire Regulus Group LLC (Regulus).  Regulus is the largest independent remittance provider and one of the leading providers of document (bills) processing services in the U.S. – addressing the full document lifecycle from print and electronic bill presentment to remittance.  Under the terms of agreement, 3i Infotech has proposed to acquire 100% of Regulus, including the company’s products, trademarks and product brands.

Regulus was founded in 1995 as a provider of remittance processing solutions. Today Regulus is the largest independent bill presentment and remittance processing company, handling more than 2.1 billion paper and electronic transactions annually.  The company is headquartered in Napa, California and operates a nationwide network of ten processing centers in California, Georgia, Illinois, New Jersey, North Carolina, Iowa and Texas.  Regulus has approximately 1,300 employees.  The company processes one in every fifty check payments in the U.S. and produces an estimated one of every 25 consumer statements generated in the U.S.

Regulus’ blue-chip client base includes one of every three Fortune 50 companies.  Regulus has clients in the insurance, finance, telecom, utilities and healthcare sector.  The company serves approximately 150 clients through its direct sales force and approximately 85 additional clients generated through reseller partnerships.  The acquisition will provide 3i Infotech significant cross-selling opportunities.

Regulus reported revenue of approximately USD 148 million for the 12 months ended December 2007.  The cost of the acquisition to 3i Infotech is approximately USD 80 million with additional consideration of up to USD 20 million based on an earn-out linked to certain performance parameters.

Upon closing, Mr. Richard Long, the current CEO will step down and  Ms. Kathleen Hamburger, current President and Chief Operating Officer, will assume the role of CEO.  Ms. Hamburger was recently awarded OutputLinks Women of Distinction Honor.  OutputLinks is the primary global research and information resource of the high volume transaction output (HVTO) industry and recognizes Contributions to the HVTO Industry.

Commenting on the acquisition Mr. V. Srinivasan, Managing Director and CEO, 3i Infotech said “The acquisition of Regulus Group is a strategic one and will enable 3i Infotech to strengthen its positioning in the payment processing industry.”

Ms. Kathleen Hamburger, President and COO, Regulus Group said “We believe that through this partnership we will be able to expand Regulus’ solutions globally and benefit from 3i Infotech’s technology and services experience.”

Regulus was advised by the investment banking firm Lane, Berry & Co., Boston, USA. 

Sourced From: Text 100 Public Relations Consultancy