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NAPLES — ACI Worldwide posted a jump in profits following the March sale of Community Financial Services to Fiserv.
ACI reported net income of $89.5 million on revenues of $226.1 million in the quarter ending March 31. That compares with a net loss of $162,000 on revenues of $232.8 million in the same quarter one year ago.
Headquartered in Naples, ACI manages electronic payments for more than 5,000 organizations globally. More than 1,000 of the largest financial institutions as well as 300 of the leading global retailers use ACI software to execute $14 trillion a day in payments.
“ACI had strong sales bookings in Q1 driven by continued strength in our omni-channel merchant retailer and e-commerce offerings,” says Phil Heasley, president and CEO of ACI Worldwide, in a statement. “We completed the CFS divestiture in March and are now more focused on our core payments software business, which is positioned for accelerated growth in 2016.”
The sale of CFS generated $200 million in cash and the company recognized an after-tax gain of $94 million. ACI used the proceeds to repurchase $60 million of the company's shares and to pay down debt, according to a statement.
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