Fiserv acquires Atlanta-based mobile banking provider
Brookfield-based Fiserv Inc. has acquired Atlanta, Ga.-based Mobile Commerce Ltd., an international mobile banking and payments provider, to enhance its existing mobile channel capabilities.
The companies have partnered since 2008, developing Fiserv’s Mobile Money program. Financial terms of the acquisition were not disclosed.
M-Com CEO Adam Clark and all employees of M-Com will join Fiserv as part of the transaction.
“Technology advancements and consumer usage patterns are converging across online and mobile channels,” said, Steve Olsen, group president, digital payments, Fiserv. “The acquisition of M-Com will enhance our ability to provide anywhere, anytime access to consumers who want their finances at their fingertips. Together, we will deliver best-in-class digital solutions for our clients, enabling a superior user experience for their customers.”
As strategic partners, Fiserv and M-Com have hundreds of mutual customers in the U.S. and several in international markets, and the combination of the two companies will accelerate the development of innovative solutions for these clients. Fiserv will also have the ability to integrate M-Com mobile banking and payment technology into current product offerings, as well as leverage that technology for transformative new solutions. Current M-Com clients will benefit from Fiserv’s digital banking and payments expertise, deep resources and ongoing investments in mobile financial services.
“Offering robust services through the mobile channel is now critical for financial institutions,” Clark said. “With the addition of M-Com’s proven technology and deep employee expertise, Fiserv is positioned to continue delivering with excellence in the rapidly evolving mobile space, both domestically and internationally. Together, we will set the pace for mobile banking and payments.”
