Concord Acquires Logix, Expands Services

C oncord EFS Inc.'s acquisition of the Logix Companies LLC is expected to add Logix ATM processing, electronic check conversion, data base development and reporting and merchant processing services to Concord's own ATM processing, check conversion and risk-management features. The agreement is to be completed in the first quarter of 2002.

"Logix technology will supply new features and new products, such as marketing data base services, that Concord can offer through its direct sales and independent sales organization channels," said Concord President Edward A. Labry III. "We believe that the combination of Concord's strong front-end processing and efficient infrastructure with Logix's feature-rich technology and complementary new services will create a compelling offering for financial institutions, retail ATM deployers, independent sales organizations and retailers."

Logix payment products for financial institutions, retailers and independent sales organizations are designed for the Hypercom ICE terminal, which is also the platform for Concord's proprietary STAR Universal terminal.

"Concord's product lines and client industries are an excellent fit with the key products that we've developed and refined," said Tony Sdao, President of Logix. "Logix products are well-suited for the convenience store, supermarket and ISO markets that Concord specializes in. And we expect that Concord's telecommunications and gateway connections, in-house bank and payment-processing platform will create many opportunities for reducing operating costs."

For almost 30 years, Concord EFS has provided cashless commerce services to businesses, including supermarkets and multilane retailers, petroleum dealers and convenience stores, independent retailers, restaurant chains, fleet transportation businesses and financial services providers. The company is based in Memphis, Tenn.

The Logix Companies is an information processor specializing in identity authentication, customer data processing and point-of-sale financial transaction services to the public sector and private industry. Its proprietary identity authentication software is integrated with industry point-of-sale payment processing (credit card and electronic check conversion) and provides customer relationship management (CRM) to individual and multistore retail merchants. Logix is based in Longmont, Colo.