S1 Corp. (Nasdaq: SONE) was down 1 3/8 to 102 early Friday after the Atlanta, Georgia-based Internet banking company said it agreed to acquire Davidge Data Systems Corp., a privately held company that makes order-routing software and systems for the brokerage industry, for about $20 million in stock.
S1 said the acquisition will allow it to continue its aggressive move into the investment and brokerage business, as the recent repeal of a Depression-era law separating banking and insurance operations presents new opportunities.
“Today’s announcement reflects our dedication to providing our customers the competitive advantages they require in the race to capitalize on the convergence of the financial services industry,” said Herve Couturier, senior vice president of product management and development.
S1 said it expects to complete the transaction within a month.
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