On January 4, 2001, SLMsoft.com completed the sale of its US cheque item and back-office processing business to The InterCept Group (InterCept) for $110 million. The proceeds of the transaction were comprised of US$40 million cash on closing and approximately 1.25 million shares of InterCept common stock. InterCept is a single-source provider of a broad range of technologies, products and services that work together to meet the electronic commerce and operating needs of community financial solutions. SLMsoft.com is a leading developer of electronic payment systems and transaction processing solutions, including e-commerce applications with a focus on the financial services industry.
The divestiture enables SLMsoft.com to focus its attention on pursuing growth opportunities in web-based transaction management solutions for larger banks in North America and internationally, particularly in the Asia/Pacific rim, Latin America and the Middle East. In addition, SLMsoft.com intends to build a strategic relationship with InterCept to continue advancing its US interests.
SLMsoft.com was represented by Dev Misir, Executive Vice-President, Business Development, and Matthew Seymour, in-house legal counsel, and by a team from Gowling Lafleur Henderson LLP led by Howie Wong and assisted by Cameron Ferris, George Corn, David Aylen, Dom Glavota, Charmaine Chung, Hilary Goldstein and Shelley Samel. Also representing SLMsoft.com were Betsy Morgan Garvin of Spencer Fane Britt & Browne LLP (Kansas City) and Tom Herman of Sutherland Asbill & Brennan LLP (Atlanta).
InterCept was represented in Canada by a team from Goodmans LLP led by Jeffrey Singer and including Susan Zimmerman, Mitchell Sherman, and David Nadler. Acting for InterCept in the US was a team from Nelson Mullins Riley & Scarborough LLP (Georgia) led by Charles Vaughn and including Neil Grayson, Robert Pannell and William Ching.