Deal Making Accelerates As Fiserv Acquires CashEdge
BROOKFIELD, Wis. – The flurry of takeover activity continued to heat up yesterday in the payments sector with Fiserv announcing a deal to acquire CashEdge, the privately owned provider of P2P and other digital payment technologies.
The $465 million Fiserv buy comes after recent deals involving Cardtronics; Intuit; M&F Worldwide (Harland Clarke); and online mortgage company Mortgagebot.
The deal for CashEdge deal will boost Fiserv's digital payments strategies and will be combined with the company’s ZashPay P2P unit. Fiserv said its bank and credit union customers that signed up for ZashPay had grown from 43 at the beginning of 2010 to 734 through the first quarter of this year.
"CashEdge provides an attractive suite of solutions to further enable the delivery of a highly differentiated payments experience for financial institutions and their customers, as well as accelerate the coming P2P movement," said Jeffery Yabuki, CEO of Fiserv. "CashEdge brings a strong and knowledgeable team that has a well-deserved reputation for innovative product development and delivery excellence. Importantly, we share a common vision for new payment solutions enabled by a financial institution-centric platform."
The deal is expected to be completed by September.