Fiserv Completes First Data Acquisition

Brookfield, Wis., based Fiserv, Inc. announced completion its First Data Corporation acquisition. With the transaction complete, Fiserv said it is now one of the world’s leading payments and financial technology providers.

Earlier this year Fiserv and New York-based payment processor First Data Corp announced a definitive merger under which Fiserv would acquire First Data in a $22 billion deal.

“The completion of this transformative combination is a major milestone in the evolution of our companies,” said Jeffery Yabuki, chairman and CEO, Fiserv. “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.”

Fiserv said as a result of the combination it now has the ability to deliver value to financial institutions, corporate and merchant clients, and consumers. In addition, clients will have access to a more comprehensive set of solutions and innovations, an extensive range of end-to-end capabilities and integrated delivery, which enable differentiated value for their customers.

“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,” said Frank Bisignano, president and COO, Fiserv, said. “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.”

As previously announced, First Data shareholders will receive 0.303 of a Fiserv share for each share of First Data common stock they own prior to market open as of July 29, 2019. The combined company will carry the Fiserv brand and will continue to trade on The Nasdaq Global Select Market under the ticker symbol FISV. the New York Stock Exchange no longer lists First Data common stock, as of July 29, 2019.

In other financial technology news, Birmingham, Ala., based New Capital Partners, a private equity firm announced its partnership with Pompano Beach, Fla.-based ARMCO, a web-based quality assurance software provider for the financial services industry.

ARMCO provides a range of mortgage quality control compliance and transaction risk management technologies. Their product line includes loan quality enterprise software, services, data and analytics, and their flagship product, ACES Audit Technology, can operate at virtually every point in the mortgage life cycle.

Adam Cranford, managing director of New Capital Partners, said, “We are excited to partner with the outstanding team at ARMCO.  The team has done a tremendous job building a market-leading product suite and providing best-in-class service and support to their customers. Broad use of ACES by top banks, lenders and servicers in the country attests to the strength of the product and the ARMCO professional team. We are looking forward to working with the team to drive continued growth and innovation.”

Avi Naider, CEO of ARMCO, said, “We are excited to begin our relationship with New Capital Partners. Their operational experience and track record of creating value with growth-stage companies was a perfect fit for ARMCO’s current growth phase. The team members at NCP are thought leaders and industry experts in banking technology, and we look forward to continuing to build a great company through this partnership.”

Berkery Noyes served as exclusive financial advisor to ARMCO.