BROOKFIELD, Wis. and NORCROSS, Ga. — Fiserv, already a giant in the financial services tech scene, will become an even bigger player with today's announcement that it is acquiring CheckFree, one of the pioneers and largest players in online bill payment.
In the all-cash deal, CheckFree shareholders will receive $48 for each share of common stock. The deal is valued at $4.4 billion.
The deal is expected to close by yearend. This is the biggest acquisition under new Fiserv President/CEO Jeff Yabuki. "An important objective of the transaction is to tightly integrate electronic bill payment and settlement capabilities with our core account processing and risk management solutions to create a unique value proposition unrivaled in the marketplace today," said Yabuki.
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Fiserv said this deal will bring $100 million in annual cost savings and $125 million in revenue. Once the deal is closed, Fiserv will have pro-forma revenue of approximately $6 billion and 27,000 employees.
Fiserv has 6,000 core processing clients. It dominates in the credit union space through seven core processing subsidiaries: XP Systems, CUSA Technologies, Summit, Galaxy, USERS, AFTECH and IntegraSys.
CheckFree grew its presence in online banking earlier this year with a $245 million acquisition of online banking provider Corillian.
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