Online Resources / ORCC
About Online Resources
4795 Meadow Wood Lane, Chantilly, Va. 20151
www.orcc.com
| 703-653-3100
| Founded: 1989
Industry: Information Technology | Category: Public Companies
Online Resources has continued to grow quickly by acquiring its competitors and marketing its products directly to bank customers. Its client list grew to more than 2,400 last year from 829 financial institutions in 2005. Much of that growth resulted from Online Resources' purchase of payments competitor Princeton e-Com last July for $180 million in cash. The acquisition solidified the company's position as the leading payments provider to small- and mid-size financial institutions.
Online Resources spent much of the rest of the year eliminating duplicative services. In the third quarter of 2006, the company lost $1.2 million, compared with profit of $2.5 million the previous year as it absorbed expenses related to the Princeton e-Com purchase.
Company officials said they will work hard to boost consumer use of their sites, particularly among those who use the company's tools to view their accounts online but do not use online bill-paying services. Its goal is to persuade 20 to 30 percent of its customers to use the services. The company has also announced the release of a program that will allow customers to check their bank accounts via their cellphones.
Chairman and CEO: Matthew P. Lawlor
2006 Financial Data
Revenues: $91,736,000 | Net Income: $321,000Asssets: $286,591,000 | Earnings Per Share: $-0.16
Total employees: 600 | Local employees: 350
Did You Know
Online Resources Corp. provides Internet banking and bill-paying services to the customers of 2,400 small and medium-size financial institutions and 4,100 credit card issuers. The company serves more than 9 million consumers and processes more than $100 billion in payments annually.
