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How will purchase of CheckFree affect Fiserv
BROOKFIELD, Wis. (1/7/08)--Now that it has acquired CheckFree, Fiserv will have all of the components it needs, including bill payment, online banking and core banking, to serve financial institutions, according to an industry analyst. Fiserv, which acquired the Norcross,Ga.-based CheckFree Corp. in a $4.4 billion deal in December, can develop a future-generation, modern bank system, said Franco Turrinelli, analyst with William Blair and Co. in Chicago (Milwaukee Journal-Sentinel Dec. 30). Jeffrey Yabuki, Fiserv chief executive, said the CheckFree acquisition wasn’t transformational, because Fiserv has always provided account-keeping functions for financial institutions including credit unions. But the purchase is a catalyst for the company to become a top vendor for products and services, he told the newspaper. Through the deal, Fiserv also has acquired some large banks, such as Bank of America. Bank of America currently accounts for 20% of CheckFree’s annual revenue and will account for 5% of Fiserv’s, the newspaper stated. Fiserv co-founder Norm Balthasar, who announced his retirement as senior vice president and CEO last month, told the newspaper that the acquisition has “re-energized the whole organization.” Fiserv has had more than 140 acquisitions since its founding in 1984. It is a core processor for financial institutions, including credit unions.


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