July 1999 Sample Clauses

July 1999. The acquisition of MINT reflects the Company's strategic decision to expand its smart card product expertise and product offerings. MINT's products are used to issue and manage multi-functional applications on smart cards. The acquisition of USPI provided the Company with service bureau processing capabilities. Due to on-going capital cost requirements, USPI was subsequently sold to First Data Resources in September of 1999. The acquisition of Insession provided the Company with complete control over the development and distribution of the ICE product. The Company was previously the exclusive distributor of the ICE product under an agreement with Insession that was due to expire in March 2001. Through the acquisition of SDM, the Company added the OCM24 electronic payments software solution that runs on IBM's Parallel Sysplex platform. THE ELECTRONIC PAYMENTS MARKET The electronic payments market is comprised of debit and credit card issuers, switch interchanges, transaction acquirers and transaction generators, including ATM networks, retail merchant locations and, increasingly, the Internet. The routing, control and settlement of electronic payments is a complex activity due to the large number of locations and variety of sources from which transactions can be generated, the large number of issuers in the market, high transaction volumes, geographically dispersed networks, differing types of authorization and varied reporting requirements. These activities are typically performed online and must be conducted 24 hours a day, 7 days a week. Electronic payments software carries transactions from the transaction generators to the acquiring institutions. The software then uses regional or national switches to access the card issuers for approval or denial of the transactions. The software returns messages to the sources, thereby completing the transactions. Electronic payments software may be required to interact with dozens of devices, switch interchanges and communication protocols around the world. The electronic payments market has expanded both domestically and internationally. PRODUCTS AND RELATED SERVICES The following table summarizes revenues by product (in thousands): YEAR ENDED SEPTEMBER 30, --------------------------------- 1999 --------- 1998 --------- 1997 --------- Consumer Banking: BASE24.................................... $217,575 $173,507 $148,172 Smart Card................................ 11,620 10,079 5,616 IVR Products.......................

July 1999. All of the acquisitions were acquired using the pooling of interests method of accounting except for USPI., Insession, and SDM which were accounted for under the purchase method of accounting. USPI was subsequently sold in September 1999. The Company's financial statements have been restated for all periods presented to include the results of the material entities acquired using the pooling of interests method of accounting. The acquisitions of USPI and SDM did not contribute significant revenues during fiscal 1999. The Company was previously the exclusive distributor of Insession's primary product (ICE) and, as a result, that acquisition did not contribute significant additional revenues in fiscal 1999.

July 1999. A further progress payment on the purchase of the Land of $60,000.00 was paid to the vendor of the Land;