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The New S1: From Three to One
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In 1995, Security First Technologies (S1) was founded as a software vendor wholly owned by the first Internet-only retail bank in the United States: Security First Network Bank (SFNB). Since then, S1 has been selling its “Virtual Financial Manager” (VFM) suite of Internet banking products for implementation at a bank’s site, for processing through its own data center, or for processing through the data centers of its partners Fiserv and M & I Data Services. In May 1999, S1 announced its intention to acquire both Edify Corporation and FICS Group for a combined total of approximately $1.43 billion in shares. These deals were completed on November 11, 1999 and November 19, 1999, respectively. In August 1999, S1 also announced its acquisition of Vertical One, a financial content aggregation site, for 3.86 million shares of S1 common stock; this transaction was finalized on November 11, 1999.
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