724 Solutions Inc. Thursday grabbed Net
device creator ezlogin.com for $127
million in stock.
The Net software developer for financial services providers will acquire all
of ezlogin.com’s outstanding shares for 888,934 of its common shares.
724 Solutions (SVNX)
will use ezlogin.com’s solution, which leverages data aggregation to create
a personalized site for its clients to access atheir password-protected
online accounts. Rather than visiting different Web sites to access online
bank, brokerage, and e-mail accounts, users are now able to enter one
password and access all of those accounts from one page.
The ezlogin.com team includes approximately 30 people, with about 20
engineers.
“724 Solutions’ acquisition of ezlogin.com will facilitate the expansion of
our Financial Services Platform to bring banks and
brokerages the added value they are seeking,” said Greg Wolfond, chief
executive officer, 724 Solutions.
724 Solutions customers include Citigroup, Bank of America, Bank of Montreal
and Wells Fargo.
