Fiserv

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Fiserv, Inc.
TypePublic
Founded1984
HeadquartersBrookfield, Wisconsin, U.S.
Key people
  • Frank Bisignano
  • (President, CEO and Director)
  • Robert W. Hau
  • (CFO and Treasurer)
  • Guy Chiarello
  • (COO)
Revenue
  • Increase US$ 14.85 billion (2020)[1]
  • US$ 5.823 billion (2018)[2]
  • Decrease US$ 1.609 billion (2019)[1]
  • US$ 1.753 billion (2018)[2]
  • Decrease US$ 914 million (2019)[1]
  • US$ 1.187 billion (2018)[2]
Total assets
  • Increase US$ 77.539 billion (2019)[1]
  • US$ 11.262 billion (2018)[2]
Total equity
  • Increase US$ 34.595 billion (2019)[1]
  • US$ 2.293 billion (2018)[2]
OwnerKKR & Co. (12%)[3]
Number of employees
44,000 (December 2019)
Websitefiserv.com

Fiserv, Inc. (/faɪˈsərv/) is an American multinational Fortune 500 company headquartered in Brookfield, Wisconsin that provides financial technology and financial services. The company's clients include banks, thrifts, credit unions, securities broker dealers, leasing and finance companies, and retailers.[4]

In October 2015, American Banker and BAI ranked the company third by revenue among technology providers to U.S. banks.[5] Fiserv reported total revenue of $10.187 billion in 2019.[1] Fiserv is also the owner of First Data since 2019, and by extension the Clover brand and products, meaning Fiserv is directly competing with Square, Inc. and Shopify in point of sale payment terminals for small businesses.

Fiserv currently has the naming rights for the Fiserv Forum stadium in Milwaukee, Wisconsin.[6]

History[]

Fiserv was founded in 1984. The company quickly grew and was listed on the NASDAQ less than two years after its founding, mainly through a large number of acquisitions, the largest in the early years of the company being Citicorp Information Resources. Fiserv's website was launched in 1995 and subsequently debuted fully electronic bills (branded as E-bills) in 1997. Fiserv reached $1 billion in revenue.[7] Between 2000 and 2017, Fiserv continued to acquire other companies, including CheckFree Corporation, M-Com, CashEdge, and PCLender.[8]

In 2005, Jeffery Yabuki became the CEO. Fiserv's website notes Yabuki's leadership resulted in 44,000 associates being hired, achieving a 969% shareholder return rate through 2019, and the company being named to Fortune's most admired companies for a seven year streak and nine out of the last ten years.[9] Yabuki also oversaw Fiserv's lease on the Fiserv Forum in Milwaukee and Fiserv's acquisition of First Data, and by extension the point of sale company Clover Network. In 2020, Yabuki stepped down as CEO and was replaced by Frank Bisignano.

Acquisitions[]

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.[10]

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.[10]

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.[11]
  • CheckFree — which had itself just acquired Corillian, Carreker, PhoneCharge[12] and Upstream Technologies LLC.[13] 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.[10]

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[14]
  • The Data Center — a Texas-based item processing company that had been owned by BBVA Compass Bank[15]
  • Checkfree is hijacked resulting in malware being downloaded onto users' devices.[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]

2016[]

  • Community Financial Services — from ACI Worldwide.[23]
  • Convenience Pay — from Hewlett Packard.[24]

2017[]

2018[]

  • The debit card processing, ATM Managed Services and MoneyPass surcharge-free network services of Elan Financial Services, a unit of U.S. Bancorp.[27]

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 to 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 on Monday, July 29, 2019.[28]

2020[]

  • Fiserv completed the acquisition of Bypass Mobile.[29]
  • Fiserv signed a definitive agreement to acquire Ondot Systems, Inc. (“Ondot”), a leading digital experience platform for financial institutions.[30] The acquisition was completed in January of 2021.[31]

2021[]

  • Fiserv completed the acquisition of NetPay to boost its payment facilitator capability[32]

2022[]

  • Fiserv completed the acquisition of Finxact[33]

References[]

  1. ^ a b c d e f "FISERV INC 2019 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 27, 2020.
  2. ^ a b c d e "FISERV INC 2018 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 21, 2019.
  3. ^ "SEC FORM 13-D Information Table". www.sec.gov.
  4. ^ "Profile: Fiserv Inc (FISV.O)". Reuters (U.S ed.). n.d. Retrieved March 23, 2016.
  5. ^ "Top 100 Companies in FinTech". American Banker. October 13, 2015. Archived from the original on July 8, 2014. Retrieved March 23, 2016.
  6. ^ "Naming Rights And Founding Partners". Retrieved 25 April 2021.
  7. ^ Fiserv, Inc. (n.d.). "About Fiserv". Fiserv.com. Retrieved March 23, 2016.
  8. ^ "Our History". www.fiserv.com. Retrieved 2021-02-26.
  9. ^ "Fiserv Announces CEO Succession Plan - Fiserv, Inc". investors.fiserv.com. Retrieved 2021-02-26.
  10. ^ a b c Fiserv, Inc. (July 31, 2009). "Fiserv Celebrates 25th Anniversary by Remembering Founders and Serving Clients". Fiserv.com (Press release). Retrieved March 23, 2016.
  11. ^ "Fiserv Acquires Global Financial Crime Management Leader, NetEconomy". www.newswire.ca. Retrieved 2017-11-17.
  12. ^ "StackPath". www.tdworld.com. Retrieved 2021-05-06.
  13. ^ "Corillian purchaser CheckFree bought by Fiserv". www.bizjournals.com. Retrieved 2017-11-17.
  14. ^ "First Interstate selling Billings-based company"[permanent dead link] KPAX.com. Retrieved 18 April 2009.
  15. ^ "Fiserv Acquires The Data Center from Compass Bank (NASDAQ:FISV)". investors.fiserv.com. Retrieved September 9, 2009.
  16. ^ "Security Fix - Hackers Hijacked Large E-Bill Payment Site". voices.washingtonpost.com. Retrieved 2020-12-06.
  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 buying digital banking business from ACI Worldwide for $200 million", Milwaukee Business Journal, Milwaukee Business Journal, 21 January 2016, retrieved 24 October 2017
  24. ^ "Fiserv profit on sale business interest | BizTimes Media Milwaukee". BizTimes Media Milwaukee. 2016-05-06. Retrieved 2017-11-16.
  25. ^ "Fiserv Moves to Reinvent Payments Infrastructure with Acquisition Dovetail". www.businesswire.com. 21 August 2017. Retrieved 2017-11-16.
  26. ^ "Fiserv completes Monitise acquisition | BizTimes Media Milwaukee". BizTimes Media Milwaukee. 2017-09-01. Retrieved 2017-11-16.
  27. ^ Hurst, Samantha (October 31, 2018). "Fiserv Completes Acquisition of Elan Financial Services' Third Party Debit Processing Solutions". Crowdfund Insider.
  28. ^ "Fiserv completes acquisition of First Data". July 30, 2019.
  29. ^ "Fiserv Snaps Up Bypass Mobile to Boost Omni-commerce Presence". March 20, 2020.
  30. ^ "Fiserv Enhances Digital Experiences with Acquisition of Ondot". December 16, 2020.
  31. ^ "Fiserv Completes Acquisition of Ondot - Fiserv, Inc". newsroom.fiserv.com. Retrieved 2021-02-23.
  32. ^ "Fiserv Acquires NetPay". November 16, 2021.
  33. ^ "Fiserv to Accelerate Digital Banking Transformation for Clients with Acquisition of Finxact". February 7, 2022.

External links[]

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