Fiserv

Fiserv, Inc. (/faɪˈsərv/) is a global provider of financial services technology.[5] The company's clients include banks, thrifts, credit unions, securities broker dealers, leasing and finance companies, and retailers.[6] In October 2015, American Banker and BAI ranked the company third by revenue among technology providers to U.S. banks.[7] Fiserv reported total revenue of $10.187 billion in 2019.[1] In summer of 2018, Fiserv obtained the naming rights to the Fiserv Forum, home to the Milwaukee Bucks, for 25 years.[8] Fiserv has been named as 2020 Fortune World's Most Admired Companies, the seventh consecutive year it has earned this recognition and 10 times in the last 12 years.[9]

fiserv, Inc.
Public
Traded asNASDAQ: FISV
NASDAQ-100 Component
S&P 500 Component
ISINUS3377381088 
Founded1984
HeadquartersBrookfield, Wisconsin, U.S.
Key people
  • Jeffery Yabuki
  • (Chairman and CEO)
  • Frank Bisignano
  • (President, COO and Director)
  • Robert W. Hau
  • (CFO and Treasurer)
Revenue
  • US$ 10.187 billion (2019)[1]
  • US$ 5.823 billion (2018)[2]
  • US$ 1.609 billion (2019)[1]
  • US$ 1.753 billion (2018)[2]
  • US$ 914 million (2019)[1]
  • US$ 1.187 billion (2018)[2]
Total assets
  • US$ 77.539 billion (2019)[1]
  • US$ 11.262 billion (2018)[2]
Total equity
  • US$ 34.595 billion (2019)[1]
  • US$ 2.293 billion (2018)[2]
OwnerKohlberg Kravis Roberts (16%) [3]
Number of employees
Approximately 44,000 (October, 2019)[4]
Websitewww.fiserv.com

History

Fiserv dates from July 31, 1984, from the merger of Sunshine State Systems, Inc. (Tampa, Florida) and First Data Processing (Milwaukee, Wisconsin).[10] In 1986, Fiserv went public as a $70 million data processing company.[11] Within years of becoming public, Fiserv was serving a number of financial institutions in the United States.[11] Fiserv employs a strategy of corporate acquisition and horizontal integration. By 2009 it had become a Fortune 500 company worth $4.7 billion with over 19,000 employees.[12]

Acquisitions and news

1991
  • Citicorp Information Resources — a subsidiary of Citicorp. This acquisition put Fiserv into the commercial banking, internal and credit union core account processing market space.[12]

1995
  • Information Technology, Inc., (ITI) — in Lincoln, Nebraska. This gained Premier, at that time the most widely implemented account processing platform in the United States, and grew its number of account processing clients.[12]

1998
  • Fiserv reached $1 billion in revenue.[11]

2003
  • General American Corporation (GAC)
  • CNS (Consumer Network Services)

2005
  • Del Mar Database
  • Assets of U.S. eLending business from Emergis
  • Interactive Technologies
  • Administrative Services Group Inc.
  • JW Hutton
  • BillMatrix
  • VerticalPoint
  • Xcipio, Inc.

2006
  • CareGain, Inc.
  • Asset of CT Insurance Services & CCH Wall Street

2007
  • NetEconomy.[13]
  • CheckFree — which had itself just acquired Corillian, Carreker, and Upstream Technologies LLC.[14] Fiserv's largest acquisition to date, CheckFree was then the leading provider of online banking, online bill payment, electronic bill payment services, and software for check clearance and ACH (also known as direct debit) processing.[12]

2008
  • Interactive Technologies, Inc. was acquired by Checkfree Investment Services, Inc. Interactive Technologies, Inc. develops, markets, and supports billing software and ancillary products for the banking and investment advisory industries. The company offers a product "Advantage Fee System" that calculates complex billing for fees and commissions.
  • i_Tech — a Montana-based item processing company that had been owned by First Interstate Bank[15]
  • The Data Center — a Texas-based item processing company that had been owned by BBVA Compass Bank[16]

2010

2011
  • M-Com — established in 2000 and based in Auckland, New Zealand, M-Com developed mobile banking apps.[18]
  • Maverick Network Solutions — established in 2006 and based in Brandywine Hundred, Delaware.[19]
  • CashEdge — to payment solutions, including Popmoney.[20]

2013
  • Open Solutions, Inc. — account processing DNA platform. Fiserv paid $55 million to take on the DNA and took on $960 million in debt.[21][22]
  • Fiserv announced that it will offer Guardian Analytics products for its clients to secure online banking channels.[23]

2016
  • Community Financial Services — from ACI Worldwide.[24]
  • Convenience Pay — from Hewlett Packard.[25]

2017

2018
  • Fiserv purchases the debit card processing, ATM Managed Services and MoneyPass surcharge-free network services of Elan Financial Services, a unit of U.S. Bancorp.[28]

2019
  • Fiserv said it will buy payment processor First Data in a $22 billion deal, making it one of the largest acquisitions in the financial technology sector. The all-stock deal is at a premium of nearly 30 percent over First Data's closing price. First Data shares rose 17.1 percent to $20.55 in early trading, while Fiserv shares fell 5.4 percent to $71. Fiserv shareholders will own 57.5 percent of the combined company and First Data shareholders will own 42.5 percent. Fiserv offered 0.303 of its shares for each First Data share. Fiserv Chief Executive Officer Jeffery Yabuki will become CEO and chairman of the combined company. After the deal closes in the second half of 2019, the combined company's adjusted earnings per share is expected increase by more than 20 percent in the first full year, the companies said. J.P. Morgan Securities was the financial adviser to Fiserv and Bank of America Merrill Lynch for First Data.
  • Fiserv completed the acquisition of First Data on Monday July 29, 2019.[29]

Management

Jeff Yabuki has served as President and CEO since 2005, and took on the chairman of the board role in 2019.[30]

After First Data was acquired in 2019, its CEO Frank Bisignano took on the role of President and COO.[31]

References
  1. "FISERV INC 2019 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 27, 2020.
  2. "FISERV INC 2018 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 21, 2019.
  3. "SEC FORM 13-F Information Table". www.sec.gov.
  4. Bucher, Chris (April 26, 2017). "Fiserv undergoes evaluation Brookfield headquarters". Greater Milwaukee Today. Retrieved 2017-10-14.
  5. "Fiserv". Fortune. Retrieved 2018-12-31.
  6. "Profile: Fiserv Inc (FISV.O)". Reuters (U.S ed.). n.d. Retrieved March 23, 2016.
  7. "Top 100 Companies in FinTech". American Banker. October 13, 2015. Archived from the original on July 8, 2014. Retrieved March 23, 2016.
  8. "Milwaukee Bucks and Fiserv Inc. strike 25-year naming rights deal for new downtown arena". Milwaukee Journal Sentinel. Retrieved 2018-07-27.
  9. "Fiserv Named a World's Most Admired Company for Seventh Consecutive Year". Yahoo! Finance. 2020-01-21.
  10. Silvers, Amy Rabideau (November 18, 2011). "Fascination with Computers Put Dalton on Path to Fiserv". Milwaukee Journal Sentinel and Coral springs times. Retrieved March 23, 2016.
  11. Fiserv, Inc. (n.d.). "About Fiserv". Fiserv.com. Retrieved March 23, 2016.
  12. Fiserv, Inc. (July 31, 2009). "Fiserv Celebrates 25th Anniversary by Remembering Founders and Serving Clients". Fiserv.com (Press release). Retrieved March 23, 2016.
  13. "Fiserv Acquires Global Financial Crime Management Leader, NetEconomy". www.newswire.ca. Retrieved 2017-11-17.
  14. "Corillian purchaser CheckFree bought by Fiserv". www.bizjournals.com. Retrieved 2017-11-17.
  15. "First Interstate selling Billings-based company" KPAX.com. Retrieved 18 April 2009.
  16. "Fiserv Acquires The Data Center from Compass Bank (NASDAQ:FISV)". investors.fiserv.com. Retrieved September 9, 2009.
  17. "Fiserv acquires AdviceAmerica - BusinessWeek". businessweek.com. 2011. Retrieved 2 August 2011.
  18. Cohen, Stessa (3 March 2011), With M-Com Deal, Fiserv Becomes Lead Vendor in Mobile Retail Banking (PDF), Gartner, retrieved 1 February 2013
  19. Starkey, Jonathan (11 March 2011), "Delaware debit firm bought by Wis. company", Delaware Online, Gannett, OCLC 38962480, retrieved 12 March 2011
  20. "Fiserv completes acquisition CashEdge", Yahoo! Finance, Yahoo!, 14 September 2011, retrieved 22 September 2011
  21. "Fiserv Buys Open Solutions to Grow Financial Services", Bloomberg, Bloomberg, 15 January 2013, retrieved 15 January 2013
  22. Camhi, Jonathan (January 15, 2013). "Fiserv Acquires Competitor Open Solutions". Retrieved March 23, 2016.
  23. Fiserv, Inc. (October 23, 2013). "Fiserv Offers Guardian Analytics for Financial Institution Clients to Secure Online Banking Channels". Fiserv.com (Press release). Retrieved March 23, 2016.
  24. "Fiserv buying digital banking business from ACI Worldwide for $200 million", Milwaukee Business Journal, Milwaukee Business Journal, 21 January 2016, retrieved 24 October 2017
  25. "Fiserv profit on sale business interest | BizTimes Media Milwaukee". BizTimes Media Milwaukee. 2016-05-06. Retrieved 2017-11-16.
  26. "Fiserv Moves to Reinvent Payments Infrastructure with Acquisition Dovetail". www.businesswire.com. Retrieved 2017-11-16.
  27. "Fiserv completes Monitise acquisition | BizTimes Media Milwaukee". BizTimes Media Milwaukee. 2017-09-01. Retrieved 2017-11-16.
  28. Hurst, Samantha (October 31, 2018). "Fiserv Completes Acquisition of Elan Financial Services' Third Party Debit Processing Solutions". Crowdfund Insider.
  29. "Fiserv completes acquisition of First Data". July 30, 2019.
  30. "Jeffery W Yabuki". www.bloomberg.com. Retrieved 2020-04-02.
  31. Thomas, Arthur (2019-07-25). "Fiserv expects $22 billion First Data deal to close next week". BizTimes - Milwaukee Business News. Retrieved 2020-04-02.
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