Fiserv, which reported 2013 revenues of $4.8 billion, will pay $200 million cash for CFS.
Included in the transaction are CFS clients as well as the company’s employees, who will join Fiserv’s workforce of 21,000.
The highlight of the deal, however, seems to be the technology. Jeffery Yabuki, Fiserv President and CEO states, “We are pleased to add these strong digital banking capabilities which will further enable financial institutions to serve their customers in today’s dynamic world.”
CFS solutions include:
- ACI’s Architect Banking
- SSB Internet Banking
- WebFederal Internet Banking and Advantage Internet Banking solutions
- Advantage Consolidated Bank Bill Pay
- ACI Defense Services
The deal is expected to close sometime this quarter, subject to regulatory approval.
Wisconsin-based Fiserv recently debuted its Mobiliti Enterprise at FinovateFall 2015. In the demo, the company showed how a user can withdraw cash from an ATM without a card by using wearable devices connected with iBeacons inside the ATM.