Fiserv

Fiserv, Inc. (/faɪˈsərv/) is an American multinational company headquartered in Berkeley Heights, New Jersey that provides financial technology services to clients across the financial services sector, including: banks, thrifts, credit unions, securities broker dealers, mortgage, insurance, leasing and finance companies, and retailers.[4]

Fiserv, Inc.
TypePublic
Founded1984 (1984)
HeadquartersBerkeley Heights, New Jersey, U.S.
Key people
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)
Websitewww.fiserv.com

In October 2015, Fiserv, Inc. was ranked third by revenue among technology providers to U.S. banks by American Banker and BAI.[5] In 2019, the company reported total revenue of $10.187 billion.[1] Additionally, Fiserv owns First Data, which links 2 million ATMs via the STAR network.

Currently, Fiserv holds the naming rights for the Fiserv Forum stadium located in Milwaukee, Wisconsin.[6]

History

Fiserv was founded in 1984, and within two years, it was listed on NASDAQ. The company experienced rapid growth mainly due to a series of acquisitions, including Citicorp Information Resources, which was the largest acquisition in its early years. Fiserv launched its website in 1995 and introduced fully electronic bills (branded as E-bills) in 1997, reaching $1 billion in revenue.[7] From 2000 to 2017, Fiserv continued to acquire other companies, such as CheckFree Corporation, M-Com, CashEdge, and PCLender.[8]

In 2005, Jeffery Yabuki became the CEO. However, in 2020, Yabuki stepped down as CEO and was replaced by Frank Bisignano.

Company timeline including acquisitions

1991

1995

  • Information Technology, Inc., (ITI) — in Lincoln, Nebraska. This gained Premier, at that time the most widely implemented account processing platform in the US, and grew its number of account processing clients.[9]

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.[10]
  • CheckFree — which had itself just acquired Corillian, Carreker, PhoneCharge[11] and Upstream Technologies LLC.[12] 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.[9]

2008

  • Interactive Technologies, Inc. — billing software and ancillary products for the banking and investment advisory industries, especially for their "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[13]
  • The Data Center — a Texas-based item processing company that had been owned by BBVA Compass Bank[14]

2010

2011

  • M-Com — established in 2000 and based in Auckland, New Zealand, M-Com developed mobile banking apps.[16]
  • Maverick Network Solutions — established in 2006 and based in Brandywine Hundred, Delaware.[17]
  • CashEdge — to payment solutions, including Popmoney.[18]

2013

  • Open Solutions, Inc. — account processing DNA platform. Fiserv paid $55 million to acquire DNA, by taking on $960 million in debt.[19][20]

2016

  • Community Financial Services — from ACI Worldwide.[21]
  • Convenience Pay — from Hewlett Packard.[22]

2017

2018

2019

  • First Data — payment processor acquired for $22 billion, making it one of the largest acquisitions in the financial technology sector.[26]

2020

2021

  • Ondot Systems, Inc. — digital experience platform for financial institutions.[28][29]
  • NetPay — payment facilitator,[30]

2022

  • Finxact — cloud-based core banking services.[31]
  • TIF District -- A tax incremental financing district was created to incentivize Fiserv to remain in downtown Milwaukee, the 7 million dollars will be available through annual payments, with the condition Fiserv must base at least 780 employees at the downtown location.[32]

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-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, Inc. (July 31, 2009). "Fiserv Celebrates 25th Anniversary by Remembering Founders and Serving Clients". Fiserv.com (Press release). Retrieved March 23, 2016.
  10. "Fiserv Acquires Global Financial Crime Management Leader, NetEconomy". www.newswire.ca. Retrieved 2017-11-17.
  11. "StackPath". www.tdworld.com. Retrieved 2021-05-06.
  12. "Corillian purchaser CheckFree bought by Fiserv". www.bizjournals.com. Retrieved 2017-11-17.
  13. "First Interstate selling Billings-based company" KPAX.com. Retrieved 18 April 2009.
  14. "Fiserv Acquires The Data Center from Compass Bank (NASDAQ:FISV)". investors.fiserv.com. Retrieved September 9, 2009.
  15. "Fiserv acquires AdviceAmerica - BusinessWeek". businessweek.com. 2011. Archived from the original on November 2, 2012. Retrieved 2 August 2011.
  16. Cohen, Stessa (3 March 2011), With M-Com Deal, Fiserv Becomes Lead Vendor in Mobile Retail Banking (PDF), Gartner, retrieved 1 February 2013
  17. Starkey, Jonathan (11 March 2011), "Delaware debit firm bought by Wis. company", Delaware Online, Gannett, OCLC 38962480, retrieved 12 March 2011
  18. "Fiserv completes acquisition CashEdge", Yahoo! Finance, Yahoo!, 14 September 2011, retrieved 22 September 2011
  19. "Fiserv Buys Open Solutions to Grow Financial Services", Bloomberg, Bloomberg, 15 January 2013, retrieved 15 January 2013
  20. Camhi, Jonathan (January 15, 2013). "Fiserv Acquires Competitor Open Solutions". Retrieved March 23, 2016.
  21. "Fiserv buying digital banking business from ACI Worldwide for $200 million", Milwaukee Business Journal, Milwaukee Business Journal, 21 January 2016, retrieved 24 October 2017
  22. "Fiserv profit on sale business interest | BizTimes Media Milwaukee". BizTimes Media Milwaukee. 2016-05-06. Retrieved 2017-11-16.
  23. "Fiserv Moves to Reinvent Payments Infrastructure with Acquisition Dovetail". www.businesswire.com. 21 August 2017. Retrieved 2017-11-16.
  24. "Fiserv completes Monitise acquisition | BizTimes Media Milwaukee". BizTimes Media Milwaukee. 2017-09-01. Retrieved 2017-11-16.
  25. Hurst, Samantha (October 31, 2018). "Fiserv Completes Acquisition of Elan Financial Services' Third Party Debit Processing Solutions". Crowdfund Insider.
  26. "Fiserv completes acquisition of First Data". July 30, 2019.
  27. "Fiserv Snaps Up Bypass Mobile to Boost Omni-commerce Presence". March 20, 2020.
  28. "Fiserv Enhances Digital Experiences with Acquisition of Ondot" (Press release). December 16, 2020.
  29. "Fiserv Completes Acquisition of Ondot - Fiserv, Inc". newsroom.fiserv.com. Retrieved 2021-02-23.
  30. "Fiserv Acquires NetPay". November 16, 2021.
  31. "Fiserv to Accelerate Digital Banking Transformation for Clients with Acquisition of Finxact". February 7, 2022.
  32. Daykin, Tom (2022-11-18). "Milwaukee's $7 million plan to help finance Fiserv's headquarters just won its first OK". The Milwaukee Journal Sentinel. Retrieved 2022-11-19. The $7 million would be provided through annual payments for up to 20 years tied to HUB640's higher property tax bills
  • Official website
  • Business data for Fiserv:
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