Fiserv

fiserv, Inc.

Type	Public
Traded as	NASDAQ: FISV S&P 500 Component
Founded	1984
Headquarters	Brookfield, Wisconsin, U.S.
Revenue	$ 4.55 billion (FY 2013) [1]
Operating income	$ 491 million (FY 2011)[1]
Net income	$ 472 million (FY 2011)[1]
Total assets	$ 8.5 billion (FY 2011)[1]
Total equity	$ 3.2 billion (FY 2011)[1]
Employees	21,000 (December 2013)[1]
Website	www.fiserv.com

Fiserv, Inc. is a global provider of financial services technology. The company serves more than 16,000 clients worldwide, including banks, thrifts, credit unions, investment management firms, leasing and finance companies, retailers, merchants and government agencies.^[2] Fiserv is one of the largest providers of information technology services to the financial services industry, ranking third by revenue in 2013.^[3] Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in 2004, 2005, 2006, 2008, 2009, 2010.^[4] Fiserv reported total revenue of $4.55 billion in 2013.

History

Starting in 1984 as a privately held company, Fiserv transformed itself through a corporate acquisitions strategy resulting in more than 150 acquisitions during the next 25 years. Beginning as a $21 million business with 350 employees, by 2009 it had become a Fortune 500 company worth $4.7 billion with more than 19,000 employees.^[5]

On July 31, 1984, Sunshine State Systems, Inc., based in Tampa, Florida, and First Data Processing, based in Milwaukee, Wisconsin, combined to form Fiserv, Inc.^[6]

Two years later in 1986, Fiserv went public as a $70 million data processor company.^[7] Within fours years of becoming public, Fiserv was serving a number of large financial institutions in the United States.^[7]

In 1991, Fiserv acquired Citicorp Information Resources, a subsidiary of Citicorp. This acquisition put Fiserv into the commercial banking, internal and credit union core account processing market space.^[5]

In 1995, Fiserv acquired Information Technology, Inc., (ITI), in Lincoln, Nebraska, expanding its number of account processing clients, and gaining, at that time, the most widely implemented account processing platform in the United States, Premier.^[5]

In 2007, Fiserv made its largest acquisition to date by acquiring CheckFree Corporation, which was a global provider of financial electronic commerce based in Norcross, Georgia. At the time, CheckFree Corporation was the leading provider of online banking, online bill payment, and electronic bill payment services.^[5] CheckFree was also the dominant provider of software for check clearance and ACH processing.

In February 2009, Fiserv announced a rebranding strategy in which all business units came under the Fiserv name.^[5]

In 2011, the company purchased CashEdge (Popmoney), a provider of online funds transfer services.^[8]

In 2013, the company purchased Open Solutions (DNA).^[9]

Areas of Business

According to both the Reuters company profile and the Yahoo! Finance company profile for Fiserv, Fiserv provides products and services within these areas:^[10][11]

• Account Processing Systems
• Electronic Payments Processing Products and Services (Including, but not limited to, electronic bill payment and presentment, card-based transaction processing and network services, automated clearing house (ACH) transaction processing, account-to-account transfer products and person-to-person payments)
• Internet and Mobile Banking Systems
• Document and Payment Card Production and Distribution,
• Check Processing and Imaging
• Source Capture Systems
• Lending Products and Services
• Risk Management Products and Services
• Post-trade processing systems^[12]
• Straight-through processing^[13]

Acquisitions

Office in Hillsboro, Oregon, formerly headquarters of Corillian

2013

• On January 14, 2013 Fiserv announced that it had purchased Open Solutions, Inc. for $55 million and assumed $960 million in debt.^[14]

2011

• Maverick Network Solutions — Maverick was established in 2006 and was based in Brandywine Hundred, Delaware; acquisition by Fiserv was in March 2011 for an undisclosed sum and did not include personnel changes at Maverick.^[15]
• CashEdge (including Popmoney Person to person payments; acquisition by Fiserv was completed in September 2011.^[16]

2010

• In June 2010, Fiserv acquired AdviceAmerica, the producer of software for financial institutions.^[17]

2008

• i_Tech, a Montana-based item processing company that had been owned by First Interstate Bank^[18]
• The Data Center, a Texas-based item processing company that had been owned by BBVA Compass Bank^[19]

2007

• NetEconomy
• CheckFree (which had just acquired Corillian, Carreker, and Upstream Technologies LLC)

2006

• CareGain, Inc.
• Asset of CT Insurance Services & CCH Wall Street

2005

• Del Mar Database
• Assets of U.S. eLending business from Emergis
• Interactive Technologies
• Administrative Services Group Inc.
• JW Hutton
• BillMatrix
• VerticalPoint
• Xcipio, Inc.

References

External links

• Fiserv Home Page

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