Transaction Systems Architects Inc. (Nasdaq: TSAI) fell 1 1/16 to 16 3/16 Friday after the company postponed the planned initial public offering of its Insession Technologies subsidiary.
“Under current market conditions, we do not believe the price in the offering would reflect the true enterprise value of Insession Technologies,” said Transaction Systems Chairman and Chief Executive Officer William E. Fisher.
Instead, the Omaha, Nebraska-based company said it hired Salomon Smith Barney to study “strategic alternatives” for the unit. In addition to a possible IPO, options being considered for Insession are a sale or merger, strategic alliance, or significant equity investments, the company said.
Transaction Systems makes software used in electronic payments.