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MEMPHIS, Tenn. - Concord EFS Inc., an electronic commerce provider, announced on Tuesday an agreement to acquire The Logix Companies, LLC, an electronic transaction processor and service provider based in Longmont, Colo. A private limited liability company, Logix provides financial institutions, retailers and independent sales organizations with ATM processing, electronic check conversion, identification and authentication services, data base development and reporting, and merchant processing services. The acquisition is expected to be completed in the first quarter of 2002. Terms of the agreement were not disclosed.
"Logix technology will supply new features to Concord's ATM processing, check conversion, and risk management services, while also adding new products, such as marketing data base services, that Concord can offer through its direct sales and independent sales organization channels," said Edward A. Labry III, Concord president. "We believe that the combination of Concord's strong front-end processing and efficient infrastructure with Logix's feature-rich technology and complementary new services will create a compelling offering for financial institutions, retail ATM deployers, independent sales organizations and retailers."
Logix payment products--check conversion, identification and authentication, and payment processing--are designed for the Hypercom ICE terminal, which is also the platform for Concord's proprietary STAR Universal terminal. Logix currently outsources its payment processing services to third party payment processors.
"Concord's product lines and client industries are an excellent fit with the key products that we've developed and refined," said Tony Sdao, Logix president. "Logix products are well-suited for the convenience store, supermarket, and ISO markets that Concord specializes in. And we expect that Concord's telecommunications connections, gateway connections, in-house bank and payment processing platform will create many opportunities to reduce operating costs. I'm looking forward to joining the Concord team and helping to bring an enhanced service offering to the marketplace."