Fiserv Acquires Interactive Technologies Inc., World Wide Leader Developer of Fee Management and Billing Software
Fiserv Acquires Interactive Technologies, Inc., World Wide Leader Developer of Fee Management and Billing Software
Monday June 13, 4:02pm ET
BROOKFIELD, Wis.--(BUSINESS WIRE)--June 13, 2005--Fiserv, Inc. (Nasdaq:FISV - News) has acquired Interactive Technologies, Inc., a developer of fee management and billing software for large and mid-sized financial services organizations, in a move that will enable Fiserv to offer a new product to larger organizations and add new functionality to existing products. Interactive Technologies recorded revenue of about $10 million in 2004. The purchase price was not disclosed.
Interactive Technologies, headquartered in Summit, N.J., develops software that enables large international and domestic banks, investment management companies, depositories, exchanges and other high-end providers of financial services to better manage the complex, customized fee arrangements that are now part of the financial services arena. The Advantage Fee System is a multi-currency, multi-lingual product that is sold worldwide. Interactive Technologies currently has about 60 clients. Marlin & Associates New York LLC acted as exclusive advisor to Interactive Leslie M. Muma, Fiserv president and chief executive officer, said the addition of Interactive Technologies will give Fiserv another important product to offer to larger financial services organizations.
"Interactive Technologies has an outstanding product that is used by some of the best-known names in the financial services industry to handle even the most complex fee management and billing operations," Muma said. "We believe there is great potential, as part of Fiserv, to expand their client base both domestically and worldwide."
Michael Gantt, president of the Fiserv Bank Systems Group, said the Fiserv Integration Framework - a technology designed to integrate significant portions of Fiserv products - enables the company to blend features of Interactive Technologies' fee management and billing product with Fiserv's own solutions to create new functionality to better serve clients.
"We see opportunities to not only sell the Interactive Technologies Advantage Fee System as a stand-alone product, but also to wrap it with products such as cash management or risk management software to enable Fiserv clients to better manage today's increasingly complex financial services environment," Gantt said.
Interactive Technologies' employees and its president and CEO, Tom Dackow, are expected to join Fiserv..
Dackow said he sees great potential, as part of Fiserv, to increase the velocity of adoption of the company's enterprise-wide fee management solutions by both domestic and global financial services firms. "This acquisition presents a strong opportunity for growth for both Interactive Technologies and Fiserv," Dackow said. "We have a common goal, an extraordinary opportunity to push our organization forward to the next level and now - with Fiserv - the leverage to pursue that opportunity."
Fiserv, Inc. (Nasdaq:FISV - News) 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.
Marlin & Associates (M&A) initiated this transaction and acted as exclusive advisor to Interactive Technologies. M&A is a specialized investment banking advisory and consulting firm providing transaction advice and services to middle-market firms in the media, technology, information and business services sectors. The firm is based in New York City and Washington DC.