Metavante Deal Fuels Surge At Fidelity National Information
JACKSONVILLE, Fla. – Fidelity National Information Services yesterday reported sharply higher revenues and net income for its fiscal third quarter, due mostly to last year’s acquisition of Metavante Technologies.
The provider of back-office services to credit unions and banks reported a 65% surge in third quarter revenues, to $1.4 billion, and a 63% rise in third quarter net income, to $110.4 million, compared to the third quarter last year.
For the first three quarters of 2010, FIS reported a 60% rise in revenues, to $3.9 billion, and an 84% surge in net income, to $293.9 million.
The Metavante deal was completed Oct. 1, 2009.
Third quarter highlights included: a deal to acquire Capco, a global business and technology consultancy dedicated solely to the financial services industry; the migration of Banco Bradesco’s 14 million bankcard portfolio to the FIS proprietary Base2000 card processing platform; and the completion of a $2.5 billion recapitalization including the repurchase of 86.2 million shares at $29 per share.