Fiserv Celebrates 25th Anniversary by Remembering Founders and Serving Clients
BROOKFIELD, Wis., Jul 31, 2009 (BUSINESS WIRE) -- Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, announced today the celebration of its 25th year as a company. It was July 31, 1984 when Sunshine State Systems, Inc. in Tampa, Florida and First Data Processing based in Milwaukee, Wis., combined to form Fiserv, the first national financial services company, with its headquarters in Milwaukee.
The regional data processors combined to serve small banks and thrifts, growing organically and through more than 150 acquisitions, from a $21 million business, with 350 employees in 1984, to a $4.7 billion Fortune 500 company, with 20,000 employees and the No. 1 ranking on the FinTech 100 list of technology partners serving the financial services industry.
"We had a great idea - to focus on data processing for banks and build from our foundation of regional operations to create a nationwide enterprise. Now, 25 years later, Fiserv is a global powerhouse, far exceeding anyone's expectations," said George Dalton, Fiserv Co-Founder, and former Chairman, Chief Executive Officer (1984-2000).
Fiserv went public, trading on NASDAQ under the symbol "FISV" in 1986, as a $70 million data processor. Within four years, Fiserv was serving some of the nation's largest financial institutions.
Leslie Muma, Co-Founder of Fiserv, former President, (1984-2005), Chief Executive Officer, (1999--2005), and member of the Board of Directors, (1984-2006), added, "Fiserv had expertise to offer banks and credit unions at the perfect time. Banks then, as they are now, were looking for solutions to handle their processing needs and provide their customers with the latest technology at the lowest price. Since then many competitors have followed essentially the same business model that George and I envisioned, but we are proud to say Fiserv remains the leader."
In 1991, Fiserv entered the commercial bank, international, and credit union core account processing markets for the first time, doubling the number of clients with the acquisition of Citicorp Information Resources, a subsidiary of Citicorp. Today Fiserv sells its solutions in more than 40 countries serving clients around the globe.
In 1995, Fiserv acquired Information Technology, Inc., (ITI), in Lincoln, Nebraska, expanding the number of account processing clients for Fiserv, and gaining the most widely implemented account processing platform in the United States, Premier. Don Dillon, Founder of ITI, former Fiserv Vice Chairman (1995-2000) and current Chairman of the Board, said, "Fiserv serves more clients today, and has continually created value for our clients by anticipating their needs. We continue to offer them the best possible solutions, with a cultural commitment to earn their trust every day. At Fiserv, we continue to serve community banks, regional banks and, credit unions and, notably, provide every one of the top 100 banks in the U.S. with one or more of our products and services."
In 2007, Fiserv made its largest acquisition of its first 25 years, buying CheckFree Corporation, a world leader in financial electronic commerce, and the leading provider of online banking, online bill pay and electronic bills. Since this acquisition a primary focus of Fiserv has been to lead digital innovation and provide integrated solutions for the company's 16,000 clients. In February of this year, Fiserv announced a new go-to-market strategy in which all business units were branded Fiserv, bringing one name to the market and optimizing access to the company's considerable strengths, technology solutions and expertise for its clients.
"The bridge between our first 25 years and the next is our commitment to serving clients. We are focused on delivering technology solutions that are differentiating and innovative," said Jeffery Yabuki, Fiserv President and Chief Executive Officer. "We know our real advantage is the quality of our people and their commitment to excellence which translates to the best experience for our clients. We are excited about the possibilities that lie ahead for our great company."
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrates its 25th year in 2009. For more information, visit www.fiserv.com.
SOURCE: Fiserv, Inc.
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