Purchase Unites Industry’s Leading Retail and Wholesale Lockbox Solution Providers
MOSINEE, Wis., April 2 /PRNewswire/ — WAUSAU, the industry leader in distributed payment and document processing, announced today that it has acquired the assets of DMP Payment Systems (Data Management Products, Inc.) from First National of Nebraska Inc. (FNNI). DMP is an innovative leader in image-based processing systems, providing automated solutions for payment and return/exception item processing, with particular strength in the wholesale lockbox solutions market. The deal establishes the industry’s top end-to-end lockbox solution provider, uniting WAUSAU’s market-leading share of retail lockbox and ACH solutions with DMP’s top position in the wholesale lockbox market.
“This deal combines the number one retail provider with the number one wholesale provider for an unparalleled position in the lockbox solutions market,” said Joe Delgadillo, President and CEO for WAUSAU. “By uniting two industry leaders, customers of both companies will benefit from our expanded capabilities across the payments market space.”
Together, WAUSAU and DMP solutions process over one-third of the industry’s retail and wholesale payments, which, market-wide, are estimated at nearly 9 billion annual retail lockbox transactions and roughly 450 million business-to-business wholesale payments. WAUSAU solutions also process over 35 percent of the industry’s Accounts Receivable Conversion (ARC) transactions to ACH.
WAUSAU’s retail lockbox solutions are renowned for reducing exception work and increasing the velocity of money. This provides WAUSAU customers great advantages through the automation of consumer-to-business payment processing. The DMP wholesale lockbox platform is recognized for its capabilities in handling complex workflows and for its B2B online expertise.
The acquisition of DMP provides WAUSAU the opportunity to leverage current payment volumes with more electronic payment capabilities and specialization in vertical market niches, including healthcare, non-profits, property management and government entities. This move is part of WAUSAU’s strategy to offer a comprehensive accounts payable through accounts receivable strategy for its customers.
“The combination of WAUSAU and DMP unites the best of breed lockbox solutions in the market today,” said Jim Mills, President of DMP. “Our products and talented personnel will work together to create outstanding synergies that will benefit both organizations.”
DMP, with a staff of 60, will retain its operations in Omaha, Nebraska, and Mills will continue to lead the DMP organization.
WAUSAU and DMP share many current customers in the retail and wholesale lockbox space. ImageRPS, WAUSAU’s remittance platform, is used by four of the industry’s top six lockbox processors. IntegraPAY, the DMP lockbox platform, is operated within 22 of the top 100 financial institutions. WAUSAU’s remittance customer base includes over 230 financial institutions, corporations, utilities, non-profits and governmental institutions. DMP maintains relationships with over 60 customers.
In addition to its remittance industry strength, WAUSAU is recognized as the market leader in remote capture. WAUSAU’s Remote Corporate Capture suite was rated “Best of Breed” by Celent, the respected industry analyst group, in its 2006 review. WAUSAU offers a full suite of web-based, PC-based, lockbox and ASP options for Remote Corporate Capture, and also provides complete workflow and archive solutions within its enterprise content management product line.
“Our organizations are viewed as industry experts in our respective fields,” Delgadillo said. “We will leverage this expertise and talent to enhance both companies’ product offerings. WAUSAU is the first company that offers a proven, experienced and installed base of retail and wholesale customers. From remote capture to electronic clearing to archive and workflow, we now provide a complete, end-to-end solution for the market’s remittance processing needs.”
Founded in 1980, DMP had been operated since 1988 as a wholly-owned subsidiary of First National of Nebraska, Inc., an $18 billion bank holding company headquartered in Omaha, Nebraska.
Terms of the sale have not been publicly disclosed.
CONTACT: Tom Pierce, Vice President – Marketing, of WAUSAU,
+1-715-359-0427, or tpierce@wausaufs.com
