Bank systems outsourcer Fiserv Inc. has agreed to acquire Financial Information Trust, a financial data processing company based in Des Moines.
Formed in 1978, Financial Information Trust and its processing subsidiary Outsource Technology (Outech) employs about 80 people and has about 90 banks and thrifts in the Midwest, Fiserv officials said in announcing the deal last week.
Financial terms were not disclosed.
Fiserv executives said Financial Information Trust has annual revenues of about $8 million. They also noted that Outech uses core accounting software from Information Technology Inc., a Lincoln, Neb. bank software firm Fiserv acquired this year.
"We're extremely pleased that the people and resources the Financial Information Trust and Outech organization will join Fiserv," said George Dalton, Fiserv's chairman and chief executive. "As a result of this new relationship, we will gain added synergies between and its software vender, Information Technology."
Milwaukee-based Fiserv also announced last week that it had completed its previously announced agreement to acquire the Document Management Services division of Alltel Information Services, Inc.
Document Management Services, a third-party check processor to the financial industry, provides depository, clearing, statement rendition, and lockbox services to more than 200 banks and thrifts.
The acquired company includes processing facilities in Alameda, Walnut, and Los Angeles, Calif., as well as Piscataway, N.J. The four check-sorting centers process more than 370 million items annually, officials said.
Another outsourcing company, Affiliated Computer Services Inc., announced that it had reached a processing agreement with a major reseller of automated teller machines.
The pact with Portland, Ore.-based Card Capture Services Inc. will allow Dallas-based Affiliated to process transactions for more than 450 ATMs in retail stores.
Affiliated said the deal will significantly boost the size of its Moneymaker ATM network to nearly 3,500 cash machines.
Transaction Systems Architects Inc., a developer of ATM switching software, announced last week it has completed the acquisition of M.R. Gmbh, a software company based in Wiesbaden, Germany, for an undisclosed sum.
Officials at Omaha, Neb.-based Transaction Systems said the acquisition would be used to expand the company's sales and service presence in Germany.
In other news affecting publicly held financial systems companies, Prudential Securities Inc. said it has initiated analyst coverage of Bisys Group Inc., Equifax Inc., First Data Corp., and Verifone Inc., giving each firm "buy" recommendations.
