BROOKFIELD, Wis., December 12, 2016 – Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that it has entered into a definitive agreement to acquire Atlanta-based Online Banking Solutions, Inc. (OBS). Through this acquisition, Fiserv will gain additional cash management and digital business banking capabilities, which complement and enrich its existing solutions.
“Financial institutions are increasingly focused on deepening relationships with commercial customers,” said Jeffery Yabuki, President and Chief Executive Officer, Fiserv. “The addition of Online Banking Solutions’ technologies further enables Fiserv clients to provide greater value to their commercial customers through sophisticated cash management solutions when and where they need them.”
OBS offers a modern cash management platform with the user experience and functionality that sophisticated business users expect. Its cash management capabilities are designed for digital channels, have easy-to-use interfaces and enable notification and authentication via smartphones, tablets and wearable devices. A single platform facilitates a unified experience across multiple devices, while integrated security and analytics offer enhanced fraud prevention. In addition to cash management, OBS provides a secure browser that functions as a secure, convenient gateway to applications provided by financial institutions to their commercial customers.
OBS received the “Up-And-Comer Award” in the Aite Group U.S. Cash Management Vendor Evaluation 2016.
OBS products are currently integrated across a number of Fiserv solutions and with other core processing platforms. OBS product integration is currently available across Fiserv core account processing platforms such as Signature®, Premier® and Cleartouch®, and post-closing will include DNA®.
“Our relationship with Fiserv is already established through our activities with several mutual clients,” said Dan Myers, CEO, Online Banking Solutions. “Joining Fiserv allows us to create new opportunities for our associates and to broaden the reach of our leading solutions to more banks and credit unions, ultimately enabling them to better serve their commercial customers.”
The transaction is subject to customary closing conditions and is expected to close before the end of 2016. Financial terms have not been disclosed.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected timing of the transaction. Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that may adversely impact the anticipated outcomes include, among others: the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement; conditions to the completion of the transaction may not be satisfied on the terms expected or on the anticipated schedule; the benefits of the transaction may be different than currently anticipated; and other factors identified in Fiserv's filings with the SEC from time to time, including those in its annual report on Form 10-K. You should consider these factors carefully in evaluating forward-looking statements, and are cautioned not to place undue reliance on such statements. Fiserv assumes no obligation to update any forward-looking statements, which speak only as of the date of this press release.
Fiserv, Inc. (NASDAQ: FISV) enables clients to achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more than 30 years, Fiserv has been a global leader in financial services technology. Fiserv is a FORTUNE 500 company and in 2016 was honored to be named a FORTUNE magazine's World's Most Admired Company for the third consecutive year. In 2015 the company was recognized among Forbes magazine's America's Best Employers. For more information, visit Fiserv.com.
Joe Spatarella, Chief Marketing Officer
Online Banking Solutions