Fiserv Inc. said Wednesday it has completed its acquisition of consumer and business payments specialist CashEdge Inc. and named the New York company’s co-founder as president of the new Fiserv division.
Wisconsin-based Fiserv announced the $465 million deal in June. CashEdge is expected to help drive its new parent company’s digital payment strategies, already providing account-to-account and person-to-person transfers, data aggregation and small business payments to more than 500 clients.
Sanjeev Dheer, CashEdge co-founder and CEO, will continue as president of the new Fiserv division, which brings with it operations in New York, California and Indian, Fiserv said.
“Adding CashEdge’s strong team and high-caliber solutions to Fiserv capabilities should accelerate innovation and provide new sources of value for financial institutions and their customers,” said Jeffery Yabuki, president/CEO of 16,000-customer Fiserv.