Fiserv Completes Acquisition of CheckFree
Fiserv has completed its acquisition of CheckFree. Under terms of the transaction, Fiserv acquired CheckFree for approximately US$4.4bn in cash, or US$48 per share. More than 3,000 financial services Web sites use the electronic billing and payment services provided by CheckFree, and it is expected that growth will continue as consumers and businesses move from paper to electronic processes. Additionally, CheckFree’s investment services platform processes portfolios with assets under management totalling more than US$1.8 trillion. The newly combined company will offer support to financial institutions in areas including core processing, electronic billing, risk management, payments (including cash and logistics, ACH, imaging, online, phone, emergency and walk-in) and wealth management/managed accounts. The combined company’s pro-forma revenue for 2006 was more than US$4.5bn (excluding the previously announced sales of Fiserv ISS and Fiserv Health), serves more than 21,000 customers in 275 locations worldwide, and has more than 25,000 employees.