Brookfield, Wis.-based Fiserv Inc. announced Wednesday a $465 million acquisition of CashEdge, a New York headquartered provider of payment technologies.
The purchase has been billed by Fiserv, already a leader in financial services technologies, as accelerating the company’s digital payments and channel strategies.
CashEdge particularly brings to the table expertise in account-to-account transfer, account opening and funding, data aggregation, small business payments, and person-to-person (P2P) payment, the companies said in a prepared statement.
"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, CEO of Fiserv, in a statement.
He added: "Importantly, we share a common vision for new payment solutions enabled by a financial institution-centric platform."
The merged company is expected to offer financial institutions more robust anytime, anywhere transaction capabilities to better serve the mobile consumer. The statement added, “These value-added services will also create potential opportunities for financial institutions to generate additional fee revenue.”
Fiserv has made numerous acquisitions since its founding in 1984, including three smaller transactions this spring. The CashEdge acquisition is one of the largest since the $4.4 billion purchase of CheckFree in 2007 that marked the company's expansion into the growing electronic payments space.
The acquisition is slated to close in September subject to regulatory approvals.