CheckFree (CKFR) agreed to buy online bank software provider Corillian (CORI) for $245 million, or $5.15 a share.

Someone must not be thinking clearly. In the most recent quarter CORI did revenue of $16.4 million. Operating profits were $779,000. For the year, revenue was $61 million, and the company lost $1 million. Even if the Q4 net is taken 4x, the bottom line is less than $3.2 million.

Paying such a huge premium is really out of line. Corillian stock is up 45% to $5.

CheckFree shareholders should be alarmed.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies he writes about.