Fiserv To Acquire CheckFree

BROOKFIELD, Wis. – Credit union outsourcer Fiserv announced this morning it has agreed to acquire electronic payments giant CheckFree Corp. in an all-cash deal for $48 a share, or $4.4 billion. The deal will combine Fiserv’s industry leading check clearing business with CheckFree’s electronic bill payment and presentment capabilities. The deal is the latest in the rapid consolidation of the financial services market which has seen such credit union vendors as Open Solutions, Digital Insight, John H. Harland Co., First Data Corp., Bisys Group, and Corillian Corp. all taken over in the past year. Corillian was recently acquired by CheckFree. After the Fiserv acquisition is completed, CheckFree founder and CEO Peter Kight, will continue to manage the operation as a fully owned Fiserv subsidiary.