AdvanteXCEL.com Communications Corp., a
provider of Internet communication systems, has agreed to acquire a 50
percent interest in E-Bill Direct Inc., a provider of Internet-based bill
presentment solutions for the brokerage industry and loyalty programs.
The companies said they will share their technologies in order to create
economies of scale and a broader combination of Internet communication
services.
E-Bill Direct’s software, bp-direct, combined with Toronto-based
AdvanteXCEL’s technology, allows brokerage firms to e-mail or fax client
statements and settlement slips on a same-day basis, serving the increasing
need for outsourcing bill presentment services.
The investment is being made through a stock-for-stock transaction.
AdvanteXCEL expects to issue 200,000 shares in connection with the
transaction. In addition, AdvanteXCEL has been granted an option to acquire
the remaining 50 percent of the outstanding shares in E-Bill Direct with
either cash or stock.
“This acquisition is helping us reinforce AdvanteXCEL’s position as a leader
in the unified messaging market.” said Marshall Weinstein, President of
AdvanteXCEL.
E-Bill Direct will relocate its Ontario offices to AdvanteXCEL’s corporate
offices in Buffalo, NY. AdvanteXCEL said it expects to add up to 12 new
employees for E-Bill Direct, as well as several new marketing positions for
the company.
The E-Bill Direct process converts standard print image files to a
proprietary format and integrates various levels of security with digital
marketing tools such as full motion graphics, sound and animation allowing
clients to capitalize on the potential of one-to-one marketing. AdvanteXCEL’s
systems and products integrate fax, voice and e-mail technologies.
