BROOKFIELD, Wis. -- Fiserv Inc. continued to narrow its focus on its core technology business, completing the sale of its investment support services business to TD AMERITRADE Holding Corp. of Omaha, Neb.
TD AMERITRADE adds approximately $25 billion in client assets, including $15 billion held in more than 75,000 accounts managed by approximately.
500 independent registered investment advisors and $10 billion held in more than 2,000 plans administered by 80 independent third-party administrators, the companies said.
The sale price was approximately $225 million cash plus acquired regulatory capital and a potential earn-out up to $100 million based on 12-month revenue targets, the companies said.
Skip Schweiss, executive vice president of Fiserv ISS, will direct TD AMERITRADE Institutional's efforts at the newly acquired Fiserv Trust Company, the companies said.
"We believe this deal will enhance services for clients," said Jeffery Yabuki, Fiserv president and CEO. "At the same time, we will continue to expand our technology leadership position across the financial services industry."
Fiserv also recently completed the sale of its health care-related businesses to United Healthcare.