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Back to all Fiserv announcements

Fiserv Agrees to Acquire CashEdge to Advance Its Digital Payments and Channel Strategies

• Acquisition expected to provide Fiserv clients with new capabilities and to accelerate the adoption of financial institution-centric person-to-person payments

Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that it entered into a definitive agreement to acquire CashEdge Inc., a leading provider of consumer and business payments technologies, for $465 million. The acquisition is expected to accelerate Fiserv’s digital payments and channel strategies. Fiserv expects that the transaction will be neutral to adjusted earnings per share in 2011 and accretive to adjusted earnings per share in 2012.

CashEdge adds to Fiserv’s capabilities in areas such as account-to-account transfer, account opening and funding, data aggregation, small business payments, and person-to-person (P2P) payments. Both companies are in-market today with financial institution-centric P2P services that enable payments to be made from one account to another, Fiserv with ZashPay(R) and CashEdge with Popmoney(R). This combination should accelerate Fiserv’s ability to provide new capabilities such as P2P money request, and small business electronic invoicing and remittance.

"CashEdge provides an attractive suite of solutions to further enable the delivery of a highly differentiated payments experience for financial institutions and their customers, as well as accelerate the coming P2P movement," said Jeffery Yabuki, President and Chief Executive Officer of Fiserv. "CashEdge brings a strong and knowledgeable team that has a well-deserved reputation for innovative product development and delivery excellence. Importantly, we share a common vision for new payment solutions enabled by a financial institution-centric platform."

"At CashEdge, we have built a strong business delivering innovative payments and data aggregation solutions to financial institutions. We are delighted to be joining the Fiserv family. It represents a very natural next step and exciting growth opportunity for our clients, our people and our products," said Sanjeev Dheer, Co-Founder, Chief Executive Officer and President of CashEdge. "Additionally, we believe that the payments industry has reached a pivotal point in the evolution of consumer and small business payments, and the merger of our efforts will significantly enhance our ability to deliver innovative solutions to our financial institution clients."

CashEdge provides services to more than 500 clients, including many of the nation's largest banks. The transaction is expected to expand Fiserv’s workforce in the United States and India.

The combination of Fiserv and CashEdge is expected to expand the broad range of digital payments services that financial institutions can offer to consumers and businesses that want the ability to transact anytime, anywhere. These value-added services will also create potential opportunities for financial institutions to generate additional fee revenue.

The transaction is currently expected to be completed by September 2011, subject to regulatory approvals and customary closing conditions.