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FIS (company)

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FIS
Company typePublic
IndustryFinancial Sector
Founded1968; 56 years ago (1968)
Headquarters347 Riverside Avenue Jacksonville, Florida 32202
Area served
Worldwide
Key people
Stephanie Ferris
(CEO & President)
ProductsBanking Technology, Payment Technology, Processing Services, Information Based services
RevenueIncrease US$13.88 billion (2021)[1]
Increase US$1.06 billion (2021)[1]
Increase US$417 million (2021)[1]
Total assetsDecrease US$82.93 billion (2021)[1]
Total equityDecrease US$47.35 billion (2021)[1]
Number of employees
65,000+[1] (December 2021)
Websitewww.fisglobal.com

Fidelity National Information Services, Inc. (FIS) is an American multinational corporation which offers a wide range of financial products and services. FIS is most known for its development of Financial Technology, or FinTech, and as of Q2 2024 it offers its solutions in two primary segments: Banking Solutions & Capital Market Solutions. Annually, FIS facilitates the movement of roughly $9 trillion through the processing of approximately 75 billion transactions in service to more than 20,000 clients around the globe.[2]

FIS was ranked second in the FinTech Forward 2016 rankings.[3] After acquiring Worldpay for $35 billion in Q3 of 2019, FIS became the largest processing and payments company in the world.[4]

Operations[edit]

FIS has a portfolio of products for the financial services sector, including both retail and investment banking.[5]

They include "Profile" ― a banking application based on the open source GT.M, a transaction processing database engine maintained by FIS.[6]

Mergers, acquisitions and divestments[edit]

Throughout its history, FIS has made many acquisitions.[7] Its largest to date would have been estimated around US$70 billion, but which fell through in December 2020.[8]

Divestments[edit]

In February 2023, in the wake of pressure from activist investors, the company announced it would spin off its merchant business that consisted of Worldpay in the next 12 months.[33] In July 2023, FIS agreed to sell a 55 percent stake in WorldPay to private equity firm GTCR for $11.7 billion, valuing WorldPay at $18.5 billion.[34] On February 1, 2024, the company announced it had competed the sale of a majority stake in its Worldpay Merchant Solutions business to GTCR in a transaction that valued the deal at $18.5 billion USD, including $1 billion USD contingent on returns realized by GTCR. FIS will maintain commercial agreements with Worldpay and will create a joint strategic go-to-market partnership between the two entities.[35]

Finances[edit]

A 50% year-over-year increase in quarterly revenue was reported in FIS' Q1 2020 earnings report, climbing from $2.07 billion to $3.01 billion, while adjusted net earnings more than doubled (+112%) from $378 million to $802 million. According to FIS Q1 2020 earnings report, a majority of these substantial increases can be attributed to the historically massive $35 billion merger/acquisition deal with Worldpay, Inc. which closed in Q3 2019.[36]

For the fiscal year 2017, FIS reported earnings of US$1.319 billion, with an annual revenue of US$9.123 billion, a decrease of 1.3% over the previous fiscal cycle. FIS shares traded at over $106 per share, and its market capitalization was valued at over US$33 billion in November 2018.[37]

Year Revenue
in mil. US$
Net income
in mil. US$
Total Assets
in mil. US$
Price per Share
in US$
Employees
2005 2,688 197 4,189 15.77
2006 2,417 259 7,631 18.08
2007 2,893 561 9,795 22.46
2008 3,360 215 7,500 17.28
2009 3,711 106 13,998 18.23
2010 5,146 405 14,176 23.27
2011 5,626 470 13,873 25.85
2012 5,796 461 13,550 29.22
2013 6,063 493 13,960 40.54 38,000
2014 6,413 679 14,521 52.41 40,000
2015 6,596 632 26,200 62.80 55,000
2016 9,241 568 26,031 69.40 55,000
2017 9,123 1,319 24,517 86.11 53,000
2018 8,423 846 23,770 102.55 47,000
2019 10,333 298 83,806 139.09 55,000
2020 12,552 158 83,842 141.46 62,000
2021 13,877 417 82,931 109.15 65,000

Controversies[edit]

On July 3, 2007, Certegy Check Services, part of FIS, announced that a worker at one of its subsidiaries stole 2.3 million consumer records containing credit card, bank account, and other personal information.[38] This estimate was later increased to 8.5 million consumer records. The next month, a law firm filed a class-action lawsuit against CCS and parent company FIS based on the privacy breach; the firm claims that, since CCS provides check-verification services to many major U.S. stores, "consumers do not choose to use the services of these companies but rather are forced to do so".[39]

In August 2011, Florida based eFunds Prepaid Solutions, part of FIS, was the victim of a sophisticated cyberattack that saw hackers steal $13 million from ATMs using 22 stolen prepaid cards belonging to a single client of FIS.[40]

References[edit]

  1. ^ a b c d e f "FIS, Inc. 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 23 February 2022.
  2. ^ "About Our Company - FIS".
  3. ^ "FinTech Forward 2016". American Banker. Archived from the original on 2019-08-19. Retrieved 2019-08-19.
  4. ^ Fuscaldo, Donna. "FIS Buys Worldpay For $35 Billion As Payment Consolidation Heats Up". Forbes. Retrieved 2020-05-20.
  5. ^ "Enterprise Financial Systems - FIS".
  6. ^ "Tuning and Optimizing the Red Hat Core Banking Pla" (PDF). www.redhat.com. 2007. Retrieved 2019-09-15.
  7. ^ a b c d "About Our Company - FIS".
  8. ^ "FIS, Global Payments Held Unsuccessful Talks to Merge". Wall Street Journal. 20 December 2020.
  9. ^ "FIS acquires WebTone Technologies | Startup Ranking". StartupRanking. Retrieved 2020-12-29.
  10. ^ "Fidelity National buys WebTone". www.bizjournals.com. Retrieved 2020-12-29.
  11. ^ "Fidelity National Financial acquires Sanchez". 29 January 2004.
  12. ^ "Fidelity National Financial to acquire Aurum Technology". 9 February 2004.
  13. ^ "Fidelity National Financial acquires Bankware and Pro-Soft". 7 April 2004.
  14. ^ "Fidelity to buy InterCept; postpones IPO". 9 September 2004.
  15. ^ "Certegy shareholders agree to Fidelity merger". 27 January 2006.
  16. ^ "Media Room".
  17. ^ "FIS to Acquire Compliance Coach, Inc". Retrieved 2018-07-05.
  18. ^ "Capco - Financial Services Business and Technology Consultants".
  19. ^ "FIS To Sell 60% Equity Interest In Capco; To Receive $477 Mln In Cash Proceeds". 22 May 2017.
  20. ^ "- FIS acquisition of Platform Securities completed".
  21. ^ "FIS acquires mobile banking guru mFoundry for $120 million". 3 February 2013.
  22. ^ "FIS acquires loan origination software vendor CMSI". Finextra Research. 2014-04-14. Retrieved 2020-12-29.
  23. ^ "FIS Acquires Loan Origination Company CMSI". American Banker. 2014-04-14. Retrieved 2020-12-29.
  24. ^ "FIS Completes Acquisition of Reliance Financial Corporation".[permanent dead link]
  25. ^ "Acquisition of Clear2Pay Bolsters FIS' Enterprise Payments Portfolio". Archived from the original on 2014-09-03. Retrieved 2014-09-03.
  26. ^ "FIS Completes Acquisition of Clear2Pay". Archived from the original on 2014-10-08. Retrieved 2014-10-08.
  27. ^ "FIS to Purchase Financial Software Maker SunGard for $9.1 Billion". 13 August 2015.
  28. ^ "FIS and Worldpay to Combine to Accelerate the Future of Finance and Commerce Globally". www.businesswire.com. March 18, 2019.
  29. ^ "FIS takes majority stake in alternatives fund administration provider Virtus". January 3, 2020.
  30. ^ "FIS Acquisition of Payrix Expands Its E-Commerce, Embedded Payments and Finance Experiences for SMB Merchants via Platforms".
  31. ^ "Report: FIS Acquires Bond Financial Technologies to Grow Embedded Finance". 9 June 2023.
  32. ^ "FIS acquires Torstone Technology".
  33. ^ Nishant, Niket; Sen, Anirban; Vinn, Milana (2023-02-13). "FIS takes $17.6 billion hit in merchant unit to be spun off". Reuters. Retrieved 2023-02-13.
  34. ^ Nishant, Niket; Sen, Anirban (2023-07-06). "Buyout firm GTCR picks up majority stake valuing FIS unit Worldpay at $18.5 billion". Reuters.
  35. ^ "FIS Completes Sale of Majority Stake of Worldpay to GTCR". Business Wire. 2024-02-01. Retrieved 2024-02-12.
  36. ^ "FIS Reports First Quarter 2020 Results". FIS. Retrieved 2020-05-20.
  37. ^ "Fidelity National Information Services Revenue 2006-2018 | FIS". www.macrotrends.net. Retrieved 2018-11-06.
  38. ^ "CertegyAVC.pdf" (PDF).
  39. ^ "Data breach generates class action lawsuit". Network World. 2007-08-21.
  40. ^ "Coordinated ATM Heist Nets Thieves $13M". Brian Krebs. 2011-08-26.

External links[edit]

  • Official website
  • Business data for FIS: