BROOKFIELD, Wis. - Fiserv, Inc. today announced it is negotiating with EDS Corp. to acquire EDS' credit union industry group. No further details were made available. The transaction will be subject to regulatory approval.
If the transaction is approved and completed, Fiserv would expect to provide "core" processing services for about 34% of the credit union segment within the financial services data processing market. Fiserv believes the proposed transaction would not adversely affect competition to provide financial services to credit unions or other financial institutions. Many companies, including Jack Henry/Symitar, Harland/Ultradata, OSI, Liberty Fitech, Aurum Technologies and many others compete vigorously to supply "core" processing to credit unions, and many companies compete equally vigorously to supply add-on or supplemental products and services to the industry. In addition, as credit unions increasingly compete for customers from banks, thrifts, mortgage banks and other financial institutions, traditional bank-oriented core processing providers increasingly serve credit unions as well.
Fiserv, Inc. provides industry leading information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems soluti ons. The company serves more than 13,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported $2.3 billion in processing and services revenues for 2002. Fiserv can be found on the Internet at www.fiserv.com.
