<PAGE>
EXHIBIT 99.1
Final Peach Release - November 9, 2000 11:50 am
NDC ANNOUNCES AGREEMENT TO ACQUIRE CANADIAN IMPERIAL
BANK OF COMMERCE'S MERCHANT CARD SERVICES BUSINESS
ATLANTA, November 9, 2000 - National Data Corporation (NYSE:NDC) announced today
it has agreed to acquire Canadian Imperial Bank of Commerce's (CIBC) Merchant
Card Services business and to form a ten-year alliance for marketing merchant
payment-related products and services throughout Canada.
Under the terms of the agreement, pending regulatory approvals, CIBC will
sell its Merchant Card Services business to NDC in exchange for a 26.25% equity
stake in Global Payments Inc., once a planned spin-off from NDC is completed.
NDC's Global Payments Inc. subsidiary is a leading U.S. payment processing
and merchant acquiring company. It expects the marketing alliance with CIBC,
one of Canada's largest VISA and online debit acquirers, to significantly
broaden its presence in North America. CIBC Merchant Card Services processes
over 800 million transactions per year for over 140,000 merchant locations
throughout Canada with referrals from CIBC's 1,200 branch locations. For the
fiscal year ended October 31, 1999, CIBC Merchant Card Services had net revenue
of US$86.6 million and net income of US$13.0 million.
NDC earlier announced plans to spin-off its eCommerce business segment,
which will be named Global Payments Inc., upon receiving a favorable tax ruling
from the Internal Revenue Service and other regulatory approvals. The closing
with CIBC is expected to take place shortly after the completion of the NDC
eCommerce spin-off.
"This alliance with CIBC complements our strategic objectives in the direct
acquiring marketplace and expands our global distribution channels," said Paul
R. Garcia,
(More)
<PAGE>
Page 2 - NDC ANNOUNCES AGREEMENT TO ACQUIRE CANADIAN IMPERIAL BANK OF COMMERCE'S
MERCHANT CARD SERVICES BUSINESS
CEO of NDC eCommerce. "CIBC is a major North American financial institution with
proven success in marketing to and serving an impressive base of merchants. This
transaction will add to our global scope and scale -- driving growth and value
for our shareholders," he said.
"The alliance provides CIBC an excellent means to expand its merchant
services activities, as well as combine capabilities with an established market
leader in NDC," said David Marshall, CIBC vice-chairman of electronic commerce,
operations and technology. "The arrangement is consistent with CIBC's broader
initiatives in electronic commerce and expansion into the U.S. marketplace."
Marshall noted that the alliance would also complement CIBC's industry-leading
card issuing business in Canada.
CIBC (TSE:CM, NYSE:BCM) is a leading North American financial institution
offering more than eight million personal banking and business customers a full
range of products and services through its comprehensive electronic banking
network, branches and offices across Canada, in the United States and around the
world. CIBC is a leader in electronic banking, with more than three million
electronic banking customers accessing telephone banking, ABMs, PC banking, and
Internet banking at www.cibc.com.
------------
National Data Corporation (NYSE:NDC) is a leading provider of electronic
commerce solutions and health information services that add value to its
customers' operations.
# # #
When used in this report, press releases, and elsewhere by management of
National Data Corporation, from time to time, the words "believes,"
"anticipates," "expects," and similar expressions are intended to identify
forward-looking statements concerning the Company's operations, economic
performance and financial condition, including in particular, the Company's
ability to realize the benefits of the change in our business, the write-offs,
and the charges, including growth in revenue and earnings. These statements are
based on a number of assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are beyond the
control of the Company, and reflect future business decisions which are subject
to change. A variety of factors could cause actual results to differ materially
from those anticipated in the Company's forward-looking statements, some of
which include competition in the market for the Company's services, continued
expansion of the Company's product and service offerings, product demand, market
and customer acceptance, the effect of economic conditions, competition,
pricing, development difficulties, the ability to consummate and integrate
acquisitions, and other risk factors that are discussed from time to time in the
Company's Securities and Exchange Commission ("SEC") reports and other filings.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company undertakes no
obligations to publicly release the results of any revisions to these forward-
looking statements that may be made to reflect events or circumstances after the
date hereof, or thereof, as the case may be, or to reflect the occurrence of
unanticipated events.
