Brookfield, Wisconsin, United States
Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry worldwide, today announced it has acquired NetEconomy, a leading financial crime management and compliance solutions provider to financial institutions across the globe with more than 130 implementations in 58 countries. Financial terms of the acquisition were not disclosed.
NetEconomy, founded in 1993, is headquartered in The Hague, The Netherlands, with offices in London, Paris, Boston, New York, Sydney, Shanghai, and Kuala Lumpur, Malaysia. NetEconomy, owned by Esprit Capital Partners since August 2005, provides highly effective and easily deployable solutions for anti-money laundering, fraud prevention and compliance.
"NetEconomy's proven products and strong management team will be at the forefront of our efforts to deliver value in the important growth area of enterprise risk management. We will now be able to provide banks, thrifts and credit unions a superior solution for both anti-money laundering and fraud management which will be integrated into all of our core account processing platforms - and at the same time, continue to serve large financial institutions who desire a superior risk management solution," said Fiserv President and Chief Executive Officer Jeff Yabuki. "This is a prime example of how our Fiserv 2.0 strategies come together to benefit clients. We bring high-quality technology products to our client base to help them achieve best-in-class results."
"Fiserv is a trusted and world-class organization, providing end-to-end software solutions, and processing data for accounts and transactions across thousands of financial institutions. As a core building block of Fiserv's enterprise risk, compliance and fraud platform, we look forward to working together to help financial institutions meet the business challenges of risk management and compliance," said Sebastian Kuntz, chief executive officer of NetEconomy. "NetEconomy is delighted to now be part of Fiserv. This will advance our client reach, and accelerate the innovation and development of our fraud, risk and anti-money laundering solutions to better serve and grow our global customer base."
Neil Katkov, industry analyst at Celent said of the acquisition, "NetEconomy has leading-edge solutions for anti-money laundering, fraud and compliance, while Fiserv is a major provider of technology and outsourced services to the financial industry. Fiserv will be now able to offer a solid financial crime offering along with its traditional hosted and stand-alone core processing systems - an attractive combination."
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management systems and services to the financial and insurance industries. The company serves more than 17,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. For more information, visit www.fiserv.com.
CONTACT: Fiserv, Inc. Media Contact: Carol Cowan VP Marketing (407) 514-1146 carol.cowan@fiserv.com or Investor Contact: David Banks VP Investor Relations (262) 879-5055 david.banks@fiserv.com
Source: Business Wire (Business Wire India)