Fiserv Completes Sale of Securities Clearing Operation to Fidelity Global Brokerage Group
Fiserv Completes Sale of Securities Clearing Operation to Fidelity Global Brokerage Group
March 24, 2005
Fiserv Completes Sale of Securities Clearing Operation to Fidelity Global Brokerage GroupBROOKFIELD, Wis.--March 24, 2005--Fiserv, Inc. (Nasdaq: FISV) has completed the sale of its securities clearing operation, BHC Investments, Inc., to Fidelity Global Brokerage Group, Inc., parent company of National Financial. The sales price paid in cash at closing was $345 million, which is subject to certain post-closing adjustments. The agreement provides for a contingent payment of up to $15 million to be paid after the first anniversary of the closing date based on achievement of certain revenue targets.
National Financial provides broker/dealers, ranging from institutional and full-service firms to independent contractors, banks and discount brokers, with clearing and execution products and integrated productivity tools to help enhance firm profitability, drive business growth and forge deeper customer relationships. National Financial also offers a leading online brokerage platform, compliance support, middle-office outsourcing, consolidated record keeping tools, fee-based solutions and retirement and high-net-worth products, all supported by dedicated client service professionals. The company currently provides clearing services to 268 financial institutions representing 4.1 million client accounts and approximately $416.2 billion in assets, as of Feb. 28, 2005. For more information about National Financial, please visit www.nationalfinancial.com.
Fiserv, Inc. (Nasdaq: FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004.
Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.
The disclosure set forth above contains a forward-looking statement related to a contingent payment to be paid after the first anniversary of the sale of BHC Investments, Inc. This statement is covered by the safe harbor included in the Private Securities Litigation Reform Act of 1995. Such a statement is subject to inherent assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that may cause the actual payment to differ materially from that contemplated by the forward-looking statement include, among others, the strength of the securities industry overall and the demand from individual clients. These factors should be considered in evaluating the forward-looking statement, and undue reliance should not be placed on the statement.
National Financial provides broker/dealers, ranging from institutional and full-service firms to independent contractors, banks and discount brokers, with clearing and execution products and integrated productivity tools to help enhance firm profitability, drive business growth and forge deeper customer relationships. National Financial also offers a leading online brokerage platform, compliance support, middle-office outsourcing, consolidated record keeping tools, fee-based solutions and retirement and high-net-worth products, all supported by dedicated client service professionals. The company currently provides clearing services to 268 financial institutions representing 4.1 million client accounts and approximately $416.2 billion in assets, as of Feb. 28, 2005. For more information about National Financial, please visit www.nationalfinancial.com.
Fiserv, Inc. (Nasdaq: FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004.
Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.
The disclosure set forth above contains a forward-looking statement related to a contingent payment to be paid after the first anniversary of the sale of BHC Investments, Inc. This statement is covered by the safe harbor included in the Private Securities Litigation Reform Act of 1995. Such a statement is subject to inherent assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that may cause the actual payment to differ materially from that contemplated by the forward-looking statement include, among others, the strength of the securities industry overall and the demand from individual clients. These factors should be considered in evaluating the forward-looking statement, and undue reliance should not be placed on the statement.