What changed in this filing

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Item 1. Business

2023-03-01 compared with 2022-02-24 · 87 added, 112 removed, 189 unchanged (51% of the section changed)

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On July 24, 2007, we changed our corporate name from “Transaction Systems Architects, Inc.” to “ACI Worldwide, Inc.” We have been marketing our products and services under the ACI Worldwide brand since 1993 and have gained significant market recognition under this brand name.

Fiscal 2022 Divestiture

Corporate Online Banking Solutions

On September 1, 2022, we sold our corporate online banking solutions related assets and liabilities to One Equity Partners for $100.1 million, including a preliminary net working capital adjustment.

The sale included employees and customer contracts as well as technology assets and intellectual property.

Target Markets

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Our solutions enable these customers to support a wide range of payment options and provide a convenient consumer payments experience that drives consumer loyalty and increases revenue.

ACI is a global software company that provides mission-critical real-time payment solutions to corporations.

Customers use our proven, scalable, and secure solutions to process and manage digital payments, enable omni-commerce payments, present and process bill payments, and manage fraud and risk.

We combine our global footprint with local presence to drive the real-time digital transformation of payments and commerce.

ACI is a global leader in mission-critical, real-time payments software.

Our proven, secure, and scalable software solutions enable corporations, fintechs, and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk.

We combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce.

Our strategic solution areas include the following:

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ACI offers comprehensive consumer payment solutions ranging from core payment engines to back-office support that enable banks and intermediaries to compete effectively in today’s real-time, open payments ecosystem.

ACI ® Acquiring ™ is a merchant management system that helps acquirers offer merchants capabilities to deliver digital innovation, improve fraud prevention, and reduce interchange fees.

ACI Issuing ™ is a digital payments issuing solution that helps issuers accelerate innovation, give customers new payment offerings and deliver cutting-edge security, with flexible cloud-based or on-premise deployments.

ACI ® Acquiring ™ is a merchant management system that helps acquirers offer merchants capabilities to deliver digital innovation, handle new payment methods, and maximize margins.

ACI Issuing ™ is a digital payments issuing solution that helps issuers accelerate innovation, give customers new payment offerings and enable channels, services, endpoints, and integrations from a single cloud-based or on-premise solution.

ACI Enterprise Payments Platform ™ is a market-leading technology that provides payment players global payment processing and orchestration capabilities for all digital payments, including high- and low-value payments, real-time and alternative payments, and cards.

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ACI High Value Real-Time Payments™ is a global payments engine that offers multi-bank, multi-currency, and 24x7 payment processing capabilities, as well as SWIFT messaging with seamless integrations to multiple clearing and settlement mechanisms.

Omni-Commerce Payments

Omni-Commerce and eCommerce Payments

ACI provides real-time, any-to-any payment capabilities globally in both card-present and card-not-present environments.

ACI Omni Commerce ™ offers merchants a scalable, omni-channel payment processing platform with the flexibility to support in-store, online, and mobile payments, protected by advanced P2P encryption, tokenization, and fraud management capabilities.

ACI Omni Commerce ™ offers merchants a scalable, omnichannel payment processing platform with the flexibility to support in-store, online, and mobile payments, protected by advanced P2P encryption, tokenization, and fraud management capabilities.

ACI Secure eCommerce ™ is a holistic platform that combines a powerful payments gateway, sophisticated real-time fraud prevention capabilities, advanced business intelligence tools, and access to an extensive global network of acquirers and alternative payment methods.

Fraud and Risk Management

ACI’s big data engine uses powerful analytics to deliver robust fraud prevention and detection capabilities to bank and intermediary, and merchant customers.

ACI Fraud Management ™ for financial institutions offers banks and intermediaries a comprehensive, real-time approach to fraud management that uses a superior combination of machine learning, fraud and payments data, and advanced analytics to prevent fraud and reduce the burden of compliance.

Our solution supports merchants with a comprehensive, real-time approach to fraud management that uses a superior combination of machine learning, fraud and payments data, advanced analytics and unprecedented consortium data to prevent fraud and reduce the burden of compliance.

Digital Business Banking

ACI offers banks advanced cash management capabilities in a multi-tenant, cloud-based platform.

ACI Digital Business Banking ™ is a cloud-based digital banking platform with a vast application programming interface ("API") library that enables banks to reduce expenses and increase market share.

ACI Fraud Management™ enables merchants, banks, and financial institutions to turn fraud and financial crime prevention into a competitive differentiator with a secure and seamless solution that protects customers’ digital channels and payments anytime, anywhere and maximizes business growth.

ACI Fraud Management for banking is powered by state-of-the-art machine learning and enables financial institutions to fight fraud and money laundering across the enterprise while meeting increasing regulatory and customer demand.

The solution offers flexible deployment, unprecedented transaction processing and contextual risk analysis for authorized and unauthorized transactions.

ACI Fraud Management for merchants is a real-time, cloud-based managed service that uses advanced artificial intelligence (AI), machine learning and behavioral analytics to identify and assess inconsistent and unexpected patterns and behaviors.

The solution automatically advises and alerts enterprises and merchants about potential threats or anomalies.

Bill Payments

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ACI Speedpay ® is an integrated suite of digital billing, payment, disbursement, and communication services that lowers the cost of presenting and accepting bill payments while delivering industry-leading security.

On Premise, On Demand, or a Hybrid Software Delivery Options

Our software solutions are offered to our customers through either a traditional term software license arrangement where the software is installed and operated on the customer premises or in a cloud environment, through an on-demand arrangement where the solution is maintained and delivered through the public cloud or ACI's private cloud via our global data centers, or a combination of the two based upon their unique needs.

On Premise, On Demand, or Hybrid Software Delivery Options

Our software solutions are offered to customers through either a traditional term software license arrangement where the software is installed and operated on the customer premises or in a cloud environment, through an on-demand arrangement where the solution is maintained and delivered through the public cloud or ACI's private cloud via our global data centers, or a combination of the two based upon customers' unique needs.

Solutions delivered through ACI’s on-demand cloud are available in either a single-tenant environment, known as a Software-as-a-Service (“SaaS”) offering, or in a multi-tenant environment, known as a Platform-as-a-Service (“PaaS”) offering.

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Payments Forum, and the PCI Security Standards Council.

These partnerships provide direction as it relates to the specifications that are used by the card schemes, real-time payment standards and, in some cases, hardware vendors.

These organizations typically look to ACI as a source of knowledge and experience to be shared in conjunction with creating and enhancing their standards.

The benefit to ACI is in having the opportunity to influence these standards with concepts and ideas that will benefit the market, our customers, and ACI.

These partnerships provide direction as it relates to the specifications that are used in real-time payment standards, by card schemes, and, in some cases, by hardware vendors.

These organizations typically look to ACI as a source of knowledge and experience that can inform their work to create and enhance standards.

The partnerships provide us the opportunity to influence these standards with concepts and ideas that will benefit the market, our customers, and ACI.

Business partner relationships extend our product portfolio, improve our ability to get our solutions to market, and enhance our ability to deliver market-leading solutions.

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The agreements are generally worldwide in scope and have a term of several years.

We have alliances with our technology partners Amazon, HP, IBM, Microsoft Corporation, and Oracle USA, Inc.

We have alliances with our technology partners Amazon, HPE, IBM, Microsoft Corporation, and Oracle USA, Inc.

(“Oracle”), whose industry-leading hardware, software, and cloud-based infrastructure services are utilized by and in delivery of ACI’s products.

These partnerships allow us to understand developments in the partners’ technology and to utilize their expertise in topics like sizing, scalability, and performance testing.

We offer our customers a wide range of professional services, including analysis, design, development, implementation, integration, and training.

Our service professionals generally perform the majority of the work associated with installing and integrating our software products.

In addition, we work with a limited number of systems integration and services partners such as Accenture, LLC, Cognizant Technology Solutions Corporation, and Stanchion Payments Solution for staff augmentation and coordinated co-prime delivery where appropriate.

We offer the following types of services for our customers:

• Implementation Services.

We utilize a standard methodology to deliver customer project implementations across all product lines and delivery options.

Within the process, we provide customers with a variety of services, including solution scoping reviews, project planning, training, site preparation, installation, product configuration, product customization, testing and go-live support, and project management throughout the project lifecycle.

Implementation services are typically priced according to the level of technical expertise required.

• Product Support Services.

These product-support-funded services are available to customers after a solution has been installed and are based on the relevant product support category.

We offer our customers a wide range of professional services, including consultation, analysis, design, development, implementation, integration, testing, and project management.

Our service professionals generally perform the majority of the work associated with implementing and integrating our software solutions.

In addition, we work with a number of trained global and regional systems integration and services partners for staff augmentation and coordinated co-prime delivery where appropriate.

Product support services are available to customers after a solution has been installed and are based on the relevant product support category.

An extensive team of support analysts are available to assist customers.

• Technical Services.

Our technical services are provided to customers who have licensed one or more of our software products.

Services offered include programming and programming support, day-to-day systems operations, network operations, help desk staffing, quality assurance testing, problem resolution, system design, and performance planning and review.

Technical services are typically priced according to the level of technical expertise required.

• Education Services .

ACI courses include both theory and practical sessions to allow students to work though real business scenarios and put their newly learned skills to use.

In addition, we provide education services to ACI customers to enhance and improve their understanding of our products.

This learning is made available through the ACI Training Academy, which offers flexible, powerful training in multiple formats:

self-paced eLearning, instructor-led courses and hands-on virtual training.

Our interactive, self-paced eLearning is available on demand via our online learning management system.

ACI instructor-led courses include both theory and practical sessions to allow students to work though real business scenarios and put their newly learned skills to use.

This hands-on approach ensures that the knowledge is retained, and the student is more productive upon their return to the workplace.

ACI’s education courses provide students with knowledge at all levels, to enhance and improve their understanding of ACI products.

ACI also provides further, more in-depth technical courses that allow students to use practical labs to enhance what they have learned in the classroom.

The ACI trainers’ ability to understand customers’ systems means ACI can also provide tailored course materials for individual customers.

Depending upon products purchased, training may be conducted at a dedicated education facility at one of ACI’s offices, online, on demand, or at the customer site.

Training services are frequently a blended part of implementation services, enabling learning to occur in the right phase of the project lifecycle.

Training from ACI Training Academy is available throughout the customer lifecycle to address ongoing or changing business needs.

Depending on the products owned and course selected, training is conducted either at a dedicated education facility at one of ACI’s offices, online, on demand or at the customer site.

Customer Support

ACI provides our customers with product support that is available 24 hours a day, seven days a week.

When requested by a customer, the product support group can remotely access customers' systems on a real-time basis.

This allows us to help diagnose issues, correct any problems, and enhance the continuous availability of a customer’s business-critical systems.

We offer our customers three support options:

We offer our customers two support options:

Standard Customer Support.

After software installation and project completion, we provide maintenance services to customers for a monthly product support fee.

After implementation completion, we provide maintenance services to customers for a monthly product support fee.

Maintenance services include:

• New product releases (major, minor and patches)

• New product releases (major, minor and patches) for active products

• 24-hour hotline for priority one (“P1”) problem resolutions

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• Product documentation

• Hardware operating system compatibility

• User group membership

Premium Customer Support.

Under the premium customer support option, referred to as the Premium Customer Support Program, each customer is assigned an experienced technician(s) to work with its system.

The technician(s) typically performs functions such as:

• Configuration and testing software fixes

• Retrofitting custom software modifications (“CSMs”) into new software releases

• Answering questions and resolving problems related to the customer’s implementation

• Maintaining a detailed CSM history

• Monitoring customer problems on ACI’s HELP24 ™ hotline database on a priority basis

• Supplying onsite support, available upon demand

• Performing an annual system review/health check and capacity planning exercise

Under the premium customer support option, referred to as the Premium Customer Support Program and available at additional cost, customers are provided support beyond the standard offering.

The services available may differ by product and are defined in the customer contract.

We provide new releases of our products on a periodic basis.

New releases of our products, which often contain minor product enhancements, are typically provided at no additional fee for customers under standard customer support agreements.

Agreements with our customers permit us to charge for substantial product enhancements that are not provided as part of the standard, enhanced, or premium customer support agreement.

Agreements with our customers permit us to charge for substantial product enhancements that are not provided as part of the standard or premium customer support agreement.

The digital payments market is highly competitive and subject to rapid change.

Competitive factors affecting the market for our products and services include product features, price, availability of customer support, ease of implementation, product and company reputation, and a commitment to continued investment in research and development.

Competitive factors affecting the market for our solutions, products, and services include product features, price, availability of customer support, ease of implementation, product and company reputation, and a commitment to continued investment in research and development.

Our competitors vary by solution, geography, and market segment.

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("FIS"), Finastra, Fiserv, Inc.

("Fiserv"), NCR, OpenWay Group, and Total System Services, Inc.

(Global Payments), as well as small, regionally-focused companies such as BPC Banking Technologies, CR2, Financial Software and Systems, Form3, HPS, Icon Solution, Lusis Payments Ltd., Opus Software Solutions Private Limited, PayEx Solutions AS, Renovite, RS2, and TSYS.

("Fiserv"), NCR, OpenWay Group, and TSYS (Global Payments), as well as small, regionally-focused companies such as BPC Banking Technologies, CR2, Financial Software and Systems, Form3, HPS, Icon Solution, Lusis Payments Ltd., Opus Software Solutions Private Limited, PayEx Solutions AS, Renovite, RS2, and Volante Technologies.

Primary digital payment processing competitors in this area include global entities such as Atos Origin S.A., Fiserv, Mastercard, SiNSYS, and Visa, as well as regional or country-specific processors.

Omni-Commerce Payments

Competitors for our ACI Omni-Commerce Payments solution come from both third-party software and service providers as well as service organizations run by major banks.

Third-party software and service competitors include Adyen, Cybersource (VISA), First Data (Fiserv), GlobalCollect, Ingenico Group, NCR, Square, Inc., Tender Retail Inc., VeriFone Systems, Inc., and Worldpay Inc.

Competitors for our ACI Omni-Commerce solution come from both third-party software and service providers as well as service organizations run by major banks.

Third-party software and service competitors include Adyen, Aurus, Cybersource (Visa), First Data (Fiserv), FreedomPay, Ingenico Group, Modo Payments, NCR, Square, Inc., VeriFone Systems, Inc., Worldline, and Worldpay Inc.

eCommerce Payments

Competitors for our ACI Secure eCommerce solution come from both third-party software and service providers, as well as service organizations run by major banks.

Third-party software and service competitors include Adyen, Braintree (PayPal), Cybersource (Visa), First Data (Fiserv), GlobalCollect, Ingenico Group, NCR, Square, Inc., Tender Retail Inc., PPRO, StripeVeriFone Systems, Inc., and Worldpay Inc.

Fraud Management

Principal competitors for our ACI Fraud Management solution are Accertify (American Express), BAE Systems, Cybersource (VISA), Fair Isaac Corporation, Featurespace, Feedzai, FIS, Fiserv, Forter, Kount, NCR, NICE LTD, and SAS Institute, Inc., as well as dozens of smaller companies focused on niches of this segment such as anti-money laundering.

Digital Business Banking

Principal competitors for our ACI Digital Business Banking solution are Bottomline Technologies, Finastra, FIS, Fiserv, Jack Henry & Associates, Inc., NCR, and Q2 Software, Inc.

Principal competitors for our ACI Fraud Management solution are Accertify (American Express), BAE Systems, Cybersource (Visa), Fair Isaac Corporation (FICO), Featurespace, Feedzai, FIS, Fiserv, Forter, Fraugster, IBM, Kount, NICE LTD, Actimize LTD, Oracle, Riskified, SAS Institute, Inc., and Signifyd, as well as dozens of smaller companies focused on niches of this segment such as anti-money laundering.

Bill Payments

The principal competitors for our ACI Speedpay bill payment solution are Aliaswire Inc., CSG Systems International, Inc., FIS, Fiserv, Invoice Cloud, Inc., Jack Henry & Associates, Inc., Kubra Customer Interaction Management, Nelnet, Inc.

The principal competitors for our ACI Speedpay solution are Aliaswire Inc., CSG Systems International, Inc., FIS, Fiserv, Invoice Cloud, Inc., Jack Henry & Associates, Inc., Kubra Customer Interaction Management, Nelnet, Inc.

and Affiliates, NIC, Paymentus Corp., PayNearMe, Repay, TouchNet Information Systems, Inc., Transact and Worldpay Inc.

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If determined to be viable, the innovation is scheduled into a product roadmap for development and release.

We provide software products and solutions to our billers, banks and intermediaries, and merchants customers worldwide.

As of December 31, 2021, we serve more than 6,000 organizations, including 19 of the top 20 banks worldwide, as measured by asset size, and 80,000+ merchants directly and through payment service providers, as measured by revenue, in 95+ countries on six continents.

We provide software products and solutions to our banks, intermediary, and merchants customers worldwide.

Our biller products and solutions are sold in the United States.

As of December 31, 2022, we serve more than 6,000 organizations, including 9 of the top 10 banks worldwide and 80,000+ merchants directly and through payment service providers, as measured by revenue, in 95+ countries on six continents.

No single customer accounted for more than 10% of our consolidated revenues for the years ended December 31, 2022, 2021, and 2020.

One customer accounted for 13.8% of the Company's consolidated receivables balance as of December 31, 2021.

No customer accounted for more than 10% of our consolidated receivables balance as of December 31, 2020.

One customer accounted for 10.1% and 13.8% of the Company's consolidated receivables balance as of December 31, 2022 and December 31, 2021, respectively.

Selling and Implementation

Our products are sold and supported directly and through distribution networks covering three geographic regions – the Americas, Europe/Middle East/Africa ("EMEA") and Asia Pacific.

Each region has its own globally coordinated sales force, supplemented with local independent reseller and/or distributor networks.

Our primary method of distribution is direct sales by employees assigned to specific target customer segments.

We use distributors and referral partners to supplement our direct sales force in countries where it is more efficient and economical to do so.

Headquartered in Coral Gables, Florida, we have sales and services personnel in offices throughout the United States.

Outside of the United States, our international subsidiaries sell, support, and service our products and solutions in their local countries.

Our broad geographic footprint allows us to leverage the business and technical expertise of a global workforce.

We use distributors and referral partners to supplement our direct sales force in countries where it is more efficient and economical to do so.

We generate a majority of our sales leads through existing relationships with vendors, direct marketing programs, customers and prospects, or through referrals.

ACI’s distributors, resellers, and system integration partners are enabled to provide supplemental or complete product implementation and customization services directly to our customers or in a joint delivery model.

Our broad geographic footprint allows us to leverage the business and technical expertise of a global workforce.

We distribute the products of other vendors where they complement our existing product lines.

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Periodic information technology examination assessments are performed using FFIEC interagency guidelines to identify potential risks that could adversely affect serviced financial institutions, determine compliance with applicable laws and regulations that affect the services provided to financial institutions and ensure the services we provide to financial institutions do not create systemic risk to the banking system or impact the safe and sound operation of the financial institutions we serve.

In addition, independent auditors annually review several of our operations to provide reports on internal controls for our clients’ auditors and regulators.

In addition, independent

auditors annually review several of our operations to provide reports on internal controls for our clients’ auditors and regulators.

We are also subject to review under state and foreign laws and rules that regulate many of the same activities that are described above, including electronic data processing and back-office services for financial institutions and the use of consumer information.

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Human Capital

As of December 31, 2021, we had a total of 3,610 employees worldwide, with 1,618 employees in the Americas, 1,008 employees in Europe, the Middle East, and Africa ("EMEA"), and 984 employees in Asia Pacific.

As of December 31, 2022, we had 3,349 employees worldwide, with 1,516 employees in the Americas, 952 employees in Europe, the Middle East, and Africa ("EMEA"), and 881 employees in Asia Pacific.

ACI emphasizes a diverse and inclusive workplace, with approximately 40 sites in over 30 countries.

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We strive to offer competitive salaries and benefits to all employees, and we continuously monitor salary ranges in our market areas.

COVID-19 and Employee Safety

During the COVID-19 pandemic, our primary focus has been on the safety and well-being of our employees and their families and business continuity.

Our Crisis Management Team ("CMT") leads our global pandemic efforts, which include leveraging the advice and recommendations of the Centers for Disease Control ("CDC") and the World Health Organization ("WHO") to recommend proper safety standards and procedures worldwide.

Our CMT meets regularly to review our protocol, status of employee well-being, and recommends adjustments to site practices based on new information, guidance, or restrictions at the national or local level.

The CMT frequently communicates these updates to the workforce.

We encourage reasonable work

arrangements to ensure all associates feel comfortable, safe, and secure in their work environment.

In cases where the offices are permitted to be open, employees attend on a voluntary basis and there are clear safety precautions and guidelines in place based on recommendations from the CDC and WHO.

As the pandemic continues, the health and well-being of our workforce remains our top priority while we ensure business continuity and productivity.

Our voluntary regrettable turnover, or our turnover of high performers, through December 31, 2022 was 12%, which compares favorably to industry turnover rates.

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Executive Officers of the Registrant

As of February 24, 2022, our executive officers, their ages, and their positions were as follows:

Odilon Almeida 60 President and Chief Executive Officer

As of March 1, 2023, our executive officers, their ages, and their positions were as follows:

Warsop, III 56 Interim President and Chief Executive Officer

Behrens 51 Chief Financial Officer

Evanthia (Eve) C.

Aretakis 62 Chief Revenue Officer

Wilmot 53 Chief Product Officer

Alessandro Silva 46 Chief Revenue Officer

Debbie Guerra 59 Chief Product Officer

Ram Puppala 53 Chief Technology and Operations Officer

Almeida was appointed President and Chief Executive Officer on March 9, 2020.

Almeida has senior leadership experience spanning multiple industries and countries and two decades of payments experience.

Prior to joining ACI, Mr.

Almeida served as an operating partner at Advent International, one of the world's largest private equity funds.

Almeida also spent 17 years at The Western Union Company, where he last served as the President of Global Money Transfer.

Almeida is fluent in English, Spanish, and Portuguese, and he holds a bachelor’s degree in Civil Engineering from Centro Universitário Instituto Mauá de Tecnologia in São Paulo and a Master of Business Administration from Fundação Getulio Vargas in São Paulo.

He extended his education at Harvard Business School, The Wharton School, and the International Institute of Management (IMD).

Warsop was appointed Interim President and Chief Executive Officer on November 8, 2022.

Warsop joined the ACI Board of Directors in June 2015 and became non-executive Chairman in June 2022.

He has led various portfolio companies for several leading private equity firms since 2012, including One Call Care Management, York Risk Services Group, and The Warranty Group.

He served as Group President at Fiserv, Inc., a provider of technology solutions to the financial industry, from 2007 to 2012.

He served in various capacities at Electronic Data Systems for 17 years, including President of its Business Process Outsourcing unit in Asia Pacific, Vice President in the United Kingdom, and Vice President of Global Financial Services.

He currently serves as President of the North Florida Chapter of the Juvenile Diabetes Research Foundation.

Behrens serves as Executive Vice President and Chief Financial Officer.

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Behrens holds a Bachelor of Science from the University of Nebraska – Lincoln.

Aretakis serves as Executive Vice President and Chief Revenue Officer.

Previously, Ms.

Aretakis led ACI's On Demand segment and Product Development group.

Prior to joining ACI in 2016, Ms.

Aretakis was Executive Vice President at Unify/Siemens Enterprise Communications.

Her responsibilities included P&L management and accountability for software development, product management and manufacturing of the global product portfolio.

She previously served as President of IP Network Solutions at Siemens, Unit President of the company’s U.S.

carrier division, and as Executive Vice President at Unisphere Networks.

Aretakis began her career as a Software Engineer for Texas Instruments and Raytheon.

She transitioned to Product Management as she progressed into management roles of various business units.

Aretakis holds a bachelor’s degree in Computer Science and Economics from Union College.

Wilmot serves as Executive Vice President and Chief Product Officer.

Prior to his current role, Mr.

Wilmot held a number of senior leadership roles at ACI, including leading ACI's On Premise segment, and serving as Chief Marketing and Revenue Officer, Senior Vice President and Managing Director for the Americas, President for Asia Pacific and Regional Director for Western Europe and Africa.

Prior to joining ACI in 1999, Mr.

Wilmot worked for ICL (now Fujitsu) in several capacities, including as International Sales Manager for Financial Services.

Wilmot holds a Bachelor of Arts in Business Studies from Oxford Brookes University in the United Kingdom and has completed the Advanced Management Program at INSEAD in France.

Puppala was appointed as Executive Vice President and Chief Technology Officer on June 21, 2021.

Silva was appointed as Executive Vice President and Chief Revenue Officer on May 6, 2022.

Since joining ACI in 2021, Mr.

Silva served as head of international markets and was responsible for driving commercial strategy and strengthening ACI’s sales and customer success capabilities in Latin America, Europe, Asia Pacific, Middle East and Africa.

Prior to joining ACI, Mr.

Silva held various sales and general manager roles in the U.S, Canada, Latin America and Europe, while working for Western Union, GE Capital, The Carlyle Group and Credicard.

Silva is fluent in English, Spanish and Portuguese.

He holds a bachelor’s degree in business administration from Universidade Mackenzie in São Paulo and a Master of Business Administration from USP-Universidade de São Paulo.

He extended his education at INSEAD, the Harvard Business School and the University of Chicago Booth School of Business.

Guerra was appointed as Executive Vice President and Chief Product Officer on July 5, 2022.

Guerra joined ACI in 2019 and is a seasoned payments industry executive with over three decades of experience spanning payments, fintech, consulting and IT services.

Prior to joining ACI, Ms.

Guerra led First Data’s small and midsize direct business and merchant portfolios in Brazil and the U.S.

while also managing financial institution referral relationships.

She also held senior leadership roles at Unisys and spent time as a management consultant with PricewaterhouseCoopers.

Guerra is fluent in English, Portuguese and Spanish.

She was one of the early female graduates of the United States Military Academy at West Point and holds a Bachelor of Science degree in engineering.

Puppala serves as Executive Vice President and Chief Technology Officer.

Prior to joining ACI, Mr.

Puppala served as Chief Digital Officer of Metropolitan Commercial Bank, where he led the digital payment product portfolio.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business