BROOKFIELD, Wis. - Fiserv Inc. has agreed to buy Precision Computer Systems, which makes in-house core processing systems that serve 730 banking clients.
Fiserv said the Sioux Falls, S.D., company is to be part of its Information Technology Inc. subsidiary, which is based in Lincoln, Neb. But it will stay in Sioux Falls and keep its name and current management, Fiserv president and chief executive Leslie M. Muma said in an interview.
Mr. Muma said cross-selling opportunities were a major reason for the deal, which was announced Tuesday and could close within the next 30 days. He said Precision sells third-party products - such as automated teller machine systems, check processing software, and Internet banking, mostly to smaller banks - that could be replaced with offerings from the Nebraska company.
"Fortunately, they signed short-term contracts and nonexclusive contracts" with the other vendors, Mr. Muma said.
The price of the deal was not disclosed.
