Concord to Acquire The Logix Cos.

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Concord to Acquire The Logix Cos.

02/14/2002

MEMPHIS, Tenn. -- Concord EFS Inc., a provider of e-commerce services to the convenience store and petroleum industry, reached a deal to acquire The Logix Cos. LLC. Terms of the deal, expected to close in March, were not disclosed.

Logix, an electronic transaction processor and service provider based in Longmont, Colo., provides retailers and independent sales organizations with ATM processing, electronic check conversion, identification and authentication services, data base development and reporting, and merchant processing services.

Logix payment products -- check conversion, identification and authentication and payment processing -- are designed for the Hypercom ICE terminal, which is also the platform for Concord's proprietary STAR Universal terminal. Logix currently outsources its payment processing services to third party payment processors.

"Concord's product lines and client industries are an excellent fit with the key products that we've developed and refined," said Logix President Tony Sdao. "Our products are well-suited for the convenience store and supermarket, industries that Concord specializes in."