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Products
Several vendor acquisitions mergers announced
MADISON, Wis. (7/12/11)--Similar to the credit union industry, the competitive landscape for financial institution suppliers is being reshaped by acquisitions and mergers. Some recent examples are:
* Fiserv Inc. has agreed to buy electronic-payment firm CashEdge Inc. for $465 million in cash (Dow Jones Newswires June 30). CashEdge will add to Fiserv’s existing operations in account-to-account transfers, data aggregation, small-business payments and person-to-person payments. Fiserv already offers person-to-person payments through ZashPay, while CashEdge offers the Popmoney brand. * Visa Inc. will acquire Fundamo, a mobile payments company that focuses primarily on working with mobile network operators and banks in developing regions, for $110 million in cash. Fundamo’s platform enables the delivery of mobile financial services to unbanked and under-banked consumers worldwide--including person-to-person payment, airtime top-up, bill payment and branchless banking services. * S1 Corp, a provider of payments and financial services software, has agreed to buy Fundtech, which facilitates payments, settlements and cash management for more than 1,000 financial institutions in about 75 countries. The combined company will be located in S1 Corp’s Atlanta’s headquarters and will be called Fundtech. * Intuit expanded its mobile banking reach with the acquisition of Mobile Money Ventures (MMV) (Dow Jones Newswires June 27). Purchasing MMV gives Intuit ownership of all the technology used in Intuit’s mobile banking software provided to about 320 U.S. banks and credit unions. Intuit said it would be better able to manage customer support and facilitate faster customer development after the acquisition.


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