Fiserv Completes CashEdge Acquisition
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Inc. (NASDAQ: FISV), the leading global provider of financial services
technology solutions, today announced the completion of its acquisition
of CashEdge Inc., a leading provider of consumer and business payments
technologies. Fiserv confirmed that the transaction is expected to be
neutral to adjusted earnings per share in 2011 and accretive to adjusted
earnings per share in 2012.
"Adding CashEdge's strong team and high caliber solutions to Fiserv
capabilities should accelerate innovation and provide new sources of
value for financial institutions and their customers," said Jeffery
Yabuki, President and Chief Executive Officer of Fiserv.
CashEdge currently serves more than 500 clients, including strong
representation in the large financial institution segment. Fiserv serves
approximately 16,000 clients worldwide, including financial institutions
of all sizes and charter types, brokerage and investment firms, and
billers such as retailers, telecommunication firms, and utilities.
CashEdge has operations in New York, California and India. Sanjeev
Dheer, Co-Founder, Chief Executive Officer and President of CashEdge,
will serve as president of this new Fiserv division.
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. Fiserv is ranked No. 1 on
the FinTech 100 survey of top technology partners to the financial
services industry. For more information, visit www.fiserv.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Statements can generally be identified as forward-looking because they
include words such as "believes," "anticipates," "expects," "could,"
"should" or words of similar meaning. Statements that describe the
company's future plans, objectives or goals are also forward-looking
statements. Forward-looking statements are subject to assumptions, risks
and uncertainties that may cause actual results to differ materially
from those contemplated by such forward-looking statements. The factors
that may affect the company's results include, among others: the
possibility that the parties may be unable to achieve expected results
of the merger within the expected time-frames or at all; integration may
be more difficult, time-consuming or costly than expected; revenue
following the transaction may be lower than expected; operating costs,
customer loss or business disruption (including, without limitation,
difficulties in maintaining relationships with employees, customers,
clients or suppliers) may be greater than expected following the
transaction; the retention of certain key employees; the impact on the
company's business of the current state of the economy, including the
risk of reduction in revenue resulting from decreased spending on the
products and services that the company offers or from the elimination of
existing or potential clients due to consolidation or financial failures
in the financial services industry; legislative and regulatory actions
in the United States, including the impact of the Dodd-Frank Wall Street
Reform and Consumer Protection Act and related regulations, and
internationally; changes in client demand for the company's products or
services; pricing or other actions by competitors; the impact of the
company's strategic initiatives; the company's ability to comply with
government regulations, including privacy regulations; and other factors
included in the company's filings with the SEC, including its Annual
Report on Form 10-K for the year ended December 31, 2010 and in other
documents that the company files with the SEC. You should consider these
factors carefully in evaluating forward-looking statements, and are
cautioned not to place undue reliance on such statements. The company
assumes no obligation to update any forward-looking statements, which
speak only as of the date of this press release.
Judy DeRango Wicks
Source: Fiserv, Inc.
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