OMAHA - ACI Worldwide (NASDAQ: NASDAQ:ACIW), a prominent player in global payments technology with a market capitalization of $5.5 billion, has announced the appointment of Philip Bruno as its new chief strategy and growth officer. According to InvestingPro data, the company has demonstrated strong momentum with a 73.5% return over the past year. This move is a part of the company's ongoing strategy, initiated in 2024, to lead in the field of Intelligent Payments Orchestration.
Philip Bruno, with a background spanning over three decades in payments and financial services, was previously a partner at McKinsey & Company. There, he co-led the Global Payments (NYSE:GPN) Practice, providing strategic growth advice to financial institutions and technology companies worldwide. Bruno's academic credentials include an MBA from New York University's Stern (AS:PBHP) School of Business and a Bachelor of Arts in International Relations from the University of Pennsylvania.
In his new role, Bruno will be responsible for steering ACI's growth strategy, including the development and execution of the company's corporate strategy and long-range strategic plans. His tasks will also involve overseeing the commercial rollout of ACI's payments hub, slated for launch in 2025. Bruno's role will include monitoring market dynamics, identifying growth opportunities, setting strategic objectives, and collaborating with ACI customers to ensure the successful execution of the company's strategy and customer success.
Thomas Warsop, president and CEO of ACI Worldwide, emphasized the importance of Bruno's appointment, stating that his vision and business expertise are crucial for enhancing the company's corporate strategy and increasing growth opportunities. Warsop also highlighted the goal of delivering on commitments to customers and shareholders.
Bruno expressed enthusiasm about joining ACI, acknowledging the company's position at the forefront of payments innovation. He looks forward to working with the leadership team to drive accelerated growth and realize ACI's vision for the future of payments.
This leadership addition underlines ACI Worldwide's dedication to advancing its strategic vision and evolving into a dynamic enterprise, delivering innovative solutions in the fast-changing payments industry. The company, with nearly half a century of payments expertise, focuses on intelligent payments orchestration in real-time, catering to banks, billers, and merchants to drive growth and modernize payment infrastructures.
The information in this article is based on a press release statement from ACI Worldwide. For deeper insights into ACI Worldwide's financial performance, including detailed analysis and additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, ACI Worldwide has reported a strong third-quarter performance with a 24% year-over-year increase in total revenue, reaching $452 million, and a significant 61% rise in adjusted EBITDA to $167 million. The company's high-margin Software (ETR:SOWGn) License fees saw a 98% year-over-year increase, primarily due to high renewal activity. Despite these robust results, DA Davidson downgraded ACI Worldwide from a Buy rating to Neutral, suggesting that the stock's current price adequately represents the company's improved prospects. However, the firm raised its price target to $60 from $57, indicating some potential for ACI Worldwide's stock value to increase. ACI Worldwide also raised its full-year 2024 revenue guidance to between $1.567 billion and $1.601 billion, and adjusted EBITDA to between $433 million and $448 million. Furthermore, the company is nearing the completion of its Payments Hub, with pilot implementations expected in Q2 2025. These recent developments underscore ACI Worldwide's strong performance and strategic positioning in the global payments market.
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