Fidelity National Information Services Inc. has purchased eFunds Corp. of Scottsdale, Ariz.
The Jacksonville, Fla., payment technology and outsourcing provider announced Wednesday that it had closed the $1.8 billion deal announced in June for eFunds.
The purchase pairs the credit card processing capabilities Fidelity acquired in its February 2006 acquisition of Certegy Inc., of St. Petersburg, Fla., with eFunds' debit capabilities.
The two companies are also known for their complementary risk management capabilities, with Fidelity catering to retailers and eFunds working with banks. eFunds also has operations in Europe and India, which could boost Fidelity's international operations.
In May, eFunds said that the increasing consolidation within the payments market had prompted it to rethink its longtime position of remaining independent, and Fidelity announced plans to buy the company in June.
Debit processing accounted for 27% of eFunds' total revenue of $552 million last year, and risk management services generated 34.2%.
Fidelity paid eFunds' shareholders $36.50 a share in cash.
William P. Foley, Fidelity's executive chairman, said in a press release that the eFunds purchase is "an excellent fit for our company and further strengthens our competitive positions in electronic processing and risk management services."
