Fiserv Completes Acquisition of CheckFree on 'Historic Day'
The $4.4 billion acquisition adds 3,000 customers to Fiserv's roster, the company says, giving it more than 21,000 customers in 275 locations worldwide and more than 25,000 employees.
"This is an historic day for Fiserv," says Jeffery Yabuki, president and CEO of Fiserv.
Atlanta-based CheckFree provides online banking, bill pay and investment portfolio services to organizations with assets of more than $1.8 trillion under management.
Peter Kight, former CheckFree chairman and CEO, will become Fiserv's vice chairman and lead new product development and strategic integration, the company says. Steve Olsen, CheckFree's former COO, will become Fiserv's group president of Internet banking and electronic payments.
Fiserv also says that Norm Balthasar, senior executive vice president and COO, will retire on Dec. 31 but remain with the company through June 30 to help with the CheckFree integration.