- Fiserv
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Fiserv, Inc. 
Type Public Traded as NASDAQ: FISV Founded 1984 Headquarters Brookfield, Wisconsin, U.S. Key people Donald F. Dillon, Chairman
Jeffery W. Yabuki, President and CEO
Thomas Hirsch, CFO
Charles Sprague, Legal
Lance Drummond, HR
Dan Murphy, Audit
Don MacDonald, MarketingWebsite www.fiserv.com Fiserv, Inc. (NASDAQ: FISV) provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions. The company serves more than 16,000 clients worldwide.[1] Fiserv has been ranked the largest provider of information technology services to the financial services industry worldwide from 2005-2010 except in 2007 when it gave up the position to Fidelity National Information Services.[2] Fiserv reported more than $4.7 billion in total revenue for 2008.
Contents
History
Fiserv began as a provider of financial service data processing for small banks and thrifts. In 1986, Fiserv went public as a $70 million regional processor,[3] adding credit union services with the 1988 acquisition of Minnesota On-Line, Inc.[3] Within four years, Fiserv was serving some of the largest financial institutions in United States of America.[3]
In 1990, Fiserv expanded its electronic funds capabilities through the acquisition of California-based GTE EFT Services Money Network and GTE ATM Networks.[3] Fiserv entered the card fulfillment market in 1992 through Indianapolis-based Data Holdings, Inc.[3] In 2007, Fiserv acquired CheckFree Corporation, their largest acquisition to date.[3]
In June 2010, Fiserv acquired AdviceAmerica, the producer of software for financial institutions.[4]
Corporate structure
Fiserv has nine business groups that specialize in solutions for many financial industry sectors:
ePayments – Outsourced (service bureau) core processing systems, EFT processing, credit processing services, electronic bill payment services and value-added solutions for banks and thrifts.
Lending Solutions – Outsourced and licensed software and services for the lending industry, including mortgage loan servicing, automated property valuation, loan and lease portfolio management for the auto finance market, loan settlement support and contact center services.
Item Processing – Complete solution for the item and image processing needs of financial institutions, providing resources and technology for processing and automating paper-based payment transactions.
Credit Union & Industry Products – Core account processing and value-added solutions for credit unions, plastic card production and services, high-volume laser printing and mailing, electronic document distribution and archival.
Health Solutions – Outsourced services for self-funded and other medical, dental,vision and disability plans, including health plan administration, care and disease management, and pharmacy benefit management. Sale of this division to UnitedHealth Group (pending close) was announced 11/2/2007.[5]
Investment Support Services – Outsourced services for individual and business retirement plans, trustee, custodial and recordkeeping, back-office investment support and tax reporting. Sale of this division to TD Ameritrade Online Holdings, Inc. on May 24, 2007 and closed on February 4, 2008.[6]
Fiserv Global Services – Global delivery capabilities provided to Fiserv Business Units and clients in a range of technology and processing disciplines. Fiserv India Pvt. Ltd. is the fully owned Indian subsidiary of Fiserv Global Services.
Acquisitions
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.[7]
- CashEdge; acquisition by Fiserv was completed in September 2011.[8]
2008
- i_Tech, a Montana-based item processing company that had been owned by First Interstate Bank[9]
- The Data Center, a Texas-based item processing company that had been owned by BBVA Compass Bank[10]
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
- ^ "Fiserv Corporate Profile, Retrieved 11/14/2009". http://www.fiserv.com/about_profile.htm.
- ^ "Fintech Rankings". http://www.idc-fi.com/services/fintech100.jsp.
- ^ a b c d e f "Fiserv Corporate History, Retrieved 11/14/2009". http://www.fiserv.com/about_history.htm.
- ^ "Fiserv acquires AdviceAmerica - BusinessWeek". businessweek.com. 2011 [last update]. http://www.businessweek.com/ap/financialnews/D9G6GCD01.htm. Retrieved 2 August 2011.
- ^ Fiserv Agrees to Sell Health Businesses to UnitedHealthcare
- ^ Fiserv ISS Announcement
- ^ Starkey, Jonathan (11 March 2011), "Delaware debit card firm bought by Wis. company", Delaware Online (Gannett), OCLC 38962480, http://www.delawareonline.com/article/20110312/BUSINESS/103120307/-1/NLETTER01/Del.-debit-card-firm-bought-by-Wis.-company, retrieved 12 March 2011
- ^ "Fiserv completes acquisition of CashEdge", Yahoo! Finance (Yahoo!), 14 September 2011, http://finance.yahoo.com/news/Fiserv-completes-acquisition-apf-1113872769.html?x=0&.v=1, retrieved 22 September 2011
- ^ "First Interstate selling Billings-based company" KPAX.com. Retrieved 18 April 2009.
- ^ [1]. Retrieved 9 September 2009.
External links
Categories:- Companies listed on NASDAQ
- Companies in the NASDAQ-100 Index
- Companies established in 1984
- Companies based in Wisconsin
- Private equity portfolio companies
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