S1 sells off FRS subsidiary
S1 Corporation has sold its FRS subsidiary, which provides risk and regulatory compliance technology to financial services firms, to private equity firm The Carlyle Group and Kennet Partners (August 2006).
James Mahan, CEO and chairman of S1, says the divestiture is part of the company's plan to refine the focus of its business to centre around delivering front office software to financial institutions.
Last week the vendor reported second quarter revenue of $47.5 million, a two per cent decline on last year, and a net loss of $2.1 million, compared to a net profit of $2.3 million last year.
