Fiserv Inc. has acquired FIS Inc, an Orlando-based data processor for thrifts. Terms were not disclosed.
FIS, with annual sales of $23 million, resisted Fiserv overtures for years. However, consolidation in the banking industry and need for capital to be able to sell to a larger bank audience were factors the company's management could no longer ignore.
"We can see all kinds of opportunities in associating ourselves with a $1 billion company," said W. Harry Schuman, president and chief executive officer at FIS.
Fiserv chairman George Dalton said he had been "knocking on Harry's door since 1984." He called FIS a "dynamite little business" and "an extremely tough competitor."
FIS derives about $19 million of revenue from its data processing services, and another $4 million from sales of its mortgage origination and revolving credit processing software.
Mr. Schuman will become head of Fiserv's Tampa-based operation, which has about 100 employees. FIS employs 191.
Fiserv, based in Milwaukee, will soon pass the $1 billion sales milestone if it maintains its breathtaking acquisitions pace. With FIS, it is at $950 million.
Fiserv has averaged five acquisitions a year since it was formed in 1984. Recent deals include the April purchase of BHC Financial Corp. for $200 million.