Fiserv Inc., a Brookfield-based global provider of financial services technology solutions, announced it has entered into a definitive agreement to acquire CashEdge Inc., a provider of consumer and business payments technologies, for $465 million.
The acquisition is expected to accelerate Fiserv’s digital payments and channel strategies. 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.
"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, CEO and president of New York-based 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."
