Fiserv To Buy Finxact For Around $650 Mln

(RTTNews) - Fiserv, Inc. (FISV), a payment, financial services technology provider, said Monday that it has inked a definitive agreement to buy Finxact, Inc., a developer of cloud-native banking solutions, in a transaction which is expected to close later this year.

Fiserv was an early investor in Finxact and, according to the terms of the deal, Fiserv will acquire the remaining ownership interest for around $650 million.

Frank Bisignano, Chief Executive Officer of Fiserv, said: "…This transaction complements our Fiserv account processing solutions and expands our opportunities to serve clients by bringing together Finxact's highly flexible and scalable API-first capabilities with the comprehensive digital financial solutions portfolio and expertise of Fiserv."

With the move, the acquirer will create a streamlined path for clients to offer digital solutions to their customers and aims to further expand its business.