AdvanteXCEL Acquires E-Bill Direct
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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.
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.