Fiserv Inc., a company known for growing by acquisition since its creation in 1984, has announced three new acquisitions, including a credit union core processing service bureau, a mobile banking and payments provider and startup prepaid card specialist.
They are Credit Union On-Line of Waltham, Mass., Mobile Commerce Ltd. of Atlanta and Maverick Network Solutions Inc. of Wilmington, Del. Terms were not disclosed.
Aite Group analyst Christine Barry said Fiserv's flurry reflects a pickup of acquisition activity in the overall market after a recession-driven lull "even among those companies that have traditionally made a lot of acquisitions."
"I think it's aligned with either greater optimism in the market or the acceptance of a new normal, but they're starting to look forward to growth and to generating revenues with new technology solutions," Barry said. "I think we'll be seeing a lot of technology vendors ramping up their capabilities to handle greater business in the upcoming year."
CUOL was founded in 1980 and is the only service bureau exclusively providing the Fiserv XP2 platform. It serves 23 credit unions and was co-owned by its CEO, Connie Boretti, and $681 million RTN FCU of Waltham and $68 million Medical Area FCU of Brookline, Mass.
Fiserv said the CUOL acquisition will provide the more than 220 XP2 users with a choice of in-house or service bureau delivery and more direct support and access to Fiserv products and services.
"The transition to Fiserv will be seamless for our clients," Boretti said. "Leveraging the strengths of this leading industry provider positions us to better serve our clients and further support our commitment to delivering advanced technology solutions and a superior client experience."
M-Com is an international provider of mobile banking and payments which has partnered with Fiserv since 2008 in its Mobile Money platform now in use at hundreds of financial institutions.
Barry called the M-Com buy "on target with the type of companies Fiserv has bought as it tries to increase penetration" in fast-growing areas, in this case, mobile banking and payments.
"That's such a hot topic right now with credit unions and banks and Fiserv wants to be in a better position to serve customers in that space," the Aite Group analyst said.
Fiserv said the acquisition will allow it accelerate mobile product development and integrate M-Com's tools into its current product offerings. M-Com has offices in Atlanta and New Zealand and its staff will transition to Fiserv, the company said.
The third purchase was the prepaid card processing of Maverick Network Solutions, a 2008 startup that now is part of Fiserv Card Services Group. That acquisition will enable Fiserv to add to its digital payment portfolio that company's prepaid processing, turn-key program management and support of general purpose reloadable and payroll cards for large financial institutions and corporations.
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