Fiserv Acquires AdviceAmerica to Expand Investment Services Unit
BROOKFIELD, Wis., Jun 07, 2010 (BUSINESS WIRE) -- Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that it has acquired AdviceAmerica, a best-in-class provider of integrated advisor solutions to financial institutions and independent advisors. AdviceAmerica will become a strategic part of the Investment Services unit of Fiserv, which is the market leader with the industry-leading technology platform for managed accounts. Financial terms were not disclosed.
AdviceAmerica, founded in 1999, is based in Fremont, Calif., with a research and development center in Bangalore, India. AdviceAmerica founder and CEO, Purna Pareek, and all employees of AdviceAmerica are expected to join Fiserv as part of the transaction.
"The acquisition advances the Investment Services strategy to be the platform of choice for the wealth management industry," said Mike Gianoni, president, Financial Institutions Group, Fiserv. "AdviceAmerica extends our capabilities into front-office applications, such as financial planning, CRM and proposal tools, that support the growing needs of financial advisors and bank trust departments."
The integration of AdviceAmerica's Desktop Advisor platform with leading portfolio management, reporting and trading solutions will provide significant benefits to Fiserv clients and financial advisors. The addition of AdviceAmerica's front-office tools make Investment Services from Fiserv a market leader in the growing sponsor, bank wealth management, registered investment advisor, and insurance company channels. Its capabilities expand the Fiserv portfolio to enable an integrated, scalable solution for providing holistic advice based upon a broader view of an entire household's assets and goals.
"Fiserv sets the standard for middle- and back-office technology and, with the addition of AdviceAmerica's front-office solutions, we can provide advisors with an integrated solution that best meets their needs," said Mr. Pareek. "This is an exciting new chapter for AdviceAmerica and we look forward to working with our new Fiserv colleagues."
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.
SOURCE: Fiserv, Inc.
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