Fiserv Acquires The Data Center From Compass Bank
BROOKFIELD, Wis.--(BUSINESS WIRE)--Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, today announced it has acquired The Data Center (TDC) based in Grapevine, Texas, from Compass Bank. Terms of the sale were not disclosed.
TDC was a licensee and reseller of the Fiserv ITI Premier® core banking system, which is available for either outsourced or in-house account processing, and offers products and associated consulting services for virtually every banking function. Fiserv is acquiring all of The Data Center's assets and contracts, and the center's 30 employees will become employees of Fiserv.
"This acquisition allows Fiserv to extend our core footprint and increase our ITI Outsourcing presence in the Texas marketplace through new expansion in the Dallas and Rio Grande Valley areas. We can offer these clients an experienced staff of professionals who are recognized as leaders in providing quality service," said Mike Young, president of Fiserv Bank and Thrift Division. "We began this relationship with The Data Center more than 20 years ago, and now Fiserv is pleased to have them join our team and begin directly serving these clients and other banks in the region. This direct partnership approach allows Fiserv to offer a personal relationship, along with the combined strength of the Fiserv product lines, that can help our clients achieve best-in-class results."
About Compass Bank
Compass Bank is a Sunbelt-based bank that operates 579 branches in Alabama, Arizona, Colorado, Florida, New Mexico and Texas. Compass is among the top 25 largest banks in the U.S. based on deposit market share and ranks among the largest banks in Texas (4th) and Alabama (3rd). Compass Bank is a subsidiary of Compass Bancshares, Inc., a wholly-owned subsidiary of BBVA (NYSE: BBV) (MAD: BBVA). BBVA is a financial services group with more than $740 billion in total assets, 47 million clients, 8,000 branches and approximately 112,000 employees in more than 30 countries.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company serves more than 21,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv and CheckFree had more than $4.5 billion in combined pro forma total revenue for 2006. For more information, please visit www.fiserv.com.
Copyright 2008 Business Wire All Rights Reserved.