FIS Acquires Capco
FIS, a global provider of banking and payments technologies, has acquired Capco, a business and technology consultancy for the financial services industry. The addition of Capco expands FIS’ established international presence and footprint among large US and global financial institutions through the addition of a professional services offering that covers the financial services value chain.
Capco, with more than 1,000 professionals worldwide, is respected for its ability to apply focus and insight to address complex issues and deliver large transformation programmes for its global financial services clients. The company applies domain expertise in banking, capital markets, wealth and investment management, finance, risk and compliance, and technology.
“Capco is well known for its thought leadership and client-centric model that distinguishes it from other consulting firms. The addition of Capco will greatly enhance the value we bring to our clients through the powerful combination of FIS’ breadth of technology solutions and Capco’s strong knowledge base and global industry expertise,” said Frank Martire, FIS president and chief executive officer (CEO). “Client focus is one of FIS’ guiding principles and we are excited to deliver on our strategic commitment to provide new areas of expertise from which our clients will greatly benefit.”
The transaction closing is expected by year end. Capco’s current majority shareholder, Palo Alto-based private equity firm Symphony Technology Group (STG), will not retain any equity or interest in the combined entity on completion of the transaction.