Fiserv

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fiserv, Inc.
Type Public
Traded as NASDAQFISV
S&P 500 Component
Founded 1984
Headquarters Brookfield, Wisconsin, U.S.
Revenue

Increase $ 4.55 billion (FY 2013)

[1]
Operating income Increase $ 491 million (FY 2011)[1]
Net income Increase $ 472 million (FY 2011)[1]
Total assets Increase $ 8.5 billion (FY 2011)[1]
Total equity Increase $ 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[edit]

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 M-Com, a provider of mobile banking applications[8]; and CashEdge (Popmoney), a provider of online funds transfer services.[9]

In 2013, the company purchased Open Solutions (DNA).[10]

In October 2013, Fiserv announced that it will offer Guardian Analytics products for its clients to secure online banking channels.[11]

Areas of Business[edit]

According to both the Reuters company profile and the Yahoo! Finance company profile for Fiserv, Fiserv provides products and services within these areas:[12][13]

  • 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[14]
  • Straight-through processing[15]

Acquisitions[edit]

Office in Hillsboro, Oregon, formerly headquarters of Corillian

2013[edit]

  • On January 14, 2013 Fiserv announced that it had purchased Open Solutions, Inc. for $55 million and assumed $960 million in debt.[16]

2011[edit]

  • Mobile Commerce — mobile banking apps; established in 2000 and based in Auckland New Zealand; M-Com was acquired by Fiserv in February 2011.[8]
  • Maverick Network Solutions — established in 2006 and based in Brandywine Hundred, Delaware; Maverick was acquired by Fiserv in March 2011 for an undisclosed sum and did not include personnel changes at Maverick.[17]
  • CashEdge (including Popmoney) — person to person payments; acquired by Fiserv in September 2011.[18]

2010[edit]

2008[edit]

2007[edit]

2006[edit]

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

2005[edit]

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

References[edit]

  1. ^ a b c d e f Fiserv, Inc 2011 Annual Report, Form 10-K, Filing Date Feb 24, 2012
  2. ^ "Reuters Company Profile". 
  3. ^ "FinTech 100 2013". 
  4. ^ "FinTech 100 News Release, Fiserv". 
  5. ^ a b c d e "Fiserv Celebrates 25th Anniversary Press Release, Released July 31, 2009". 
  6. ^ "Fiserv Founder George Dalton Obituary, Milwaukee Journal Sentinel". 
  7. ^ a b "Fiserv Corporate History, Retrieved 11/14/2009". 
  8. ^ a b Cohen, Stessa (3 March 2011), With M-Com Deal, Fiserv Becomes Lead Vendor in Mobile Retail Banking, Gartner, retrieved 1 February 2013 
  9. ^ "Fiserv Completes Acquisition of CashEdge". businessweek.com. 2011. Retrieved 3 July 2012. 
  10. ^ BankTech: Jan. 15 2013 "Fiserv Acquires Competitor Open Solutions"
  11. ^ Reuters: Wed Oct. 23, 2013 9:00am EDT "Fiserv Offers Guardian Analytics for Financial Institution Clients to Secure Online Banking Channels"
  12. ^ "Reuters Fiserv Profile". 
  13. ^ "Yahoo! Finance Fiserv Profile". 
  14. ^ A Technical Examination of the Fiserv TradeFlow STP/Post-Trade Platform. TechRepublic. Retrieved on 2013-10-16.
  15. ^ http://www.verrazano-consulting.com/A_Technical_Examination_of_the_Fiserv_TradeFlow_STP__Final_2012.pdf
  16. ^ "Fiserv Buys Open Solutions to Grow Financial Services", Bloomberg (Bloomberg), 15 January 2013, retrieved 15 January 2013 
  17. ^ Starkey, Jonathan (11 March 2011), "Delaware debit card firm bought by Wis. company", Delaware Online (Gannett), OCLC 38962480, retrieved 12 March 2011 
  18. ^ "Fiserv completes acquisition of CashEdge", Yahoo! Finance (Yahoo!), 14 September 2011, retrieved 22 September 2011 
  19. ^ "Fiserv acquires AdviceAmerica - BusinessWeek". businessweek.com. 2011. Retrieved 2 August 2011. 
  20. ^ "First Interstate selling Billings-based company" KPAX.com. Retrieved 18 April 2009.
  21. ^ [1]. Retrieved 9 September 2009.

External links[edit]