With the completion of the deal, the combined entity will offer clients technology capabilities that enable a range of payments and financial services
Image: Fiserv offices in Hillsboro, Oregon. (Credit: M.O. Stevens/Wikipedia.org)
Financial technology services provider Fiserv has completed its acquisition of First Data, the $22bn (£18bn) deal that was announced this January.
When the deal was announced, Fiserv stated that the combined company will provide enhanced technology capabilities that enable a range of payments and financial services such as account processing and digital banking solutions, card issuer processing and network services, e-commerce, integrated payments and the Clover cloud-based point-of-sale solution.
Fiserv chairman and CEO Jeffery Yabuki said: “The completion of this transformative combination is a major milestone in the evolution of our companies.
“We have continued to identify ways in which we can deliver differentiated value to clients, associates and shareholders, and are excited to work together on fulfilling the promise of the combination.
“We are confident that our people are the best in the industry and will push the boundaries of excellence and innovation for the benefit of all of our stakeholders.”
The combined company will offer comprehensive distribution channels, with deep expertise in partnering with financial institutions, merchants and billers of sizes, along with software developers.
It will offer clients access to a more comprehensive set of solutions and innovations, a wide range of end-to-end capabilities along with integrated delivery, enabling differentiated value for their customers.
With the deal now completed, Fiserv and First Data will link their respective merchant and cash management capabilities to further develop new offerings. The combination will extend First Data’s Clover cloud-based platforms to small and medium-sized businesses.
First Data’s digital merchant account enrollment capabilities could also be integrated into Fiserv’s digital banking solutions serving thousands of financial institutions.
The combined entity will invest £410m to develop new technologies while enhancing existing solutions
The combined company also plans to invest an additional $500m (£410m) in the next five years in creating enhanced solutions for clients, focusing on a series of new and existing technologies including next-generation merchant solutions, digital enablement, advanced risk management, and data-focused solutions.
Fiserv president and chief operating officer Frank Bisignano said: “As a newly combined company, we will leverage our technology expertise and integrate our solutions to serve client needs in ways no one else can match.
“We are focused on innovating to enable our clients to better serve their customers and end users so they can succeed in a rapidly changing world.”