ACI said that the sale is in line with its UP strategy to become the leading provider of software products and SaaS-based solutions facilitating real-time electronic and eCommerce payments for large financial institutions and enablers, retailers and billers across the globe.
The transaction covers employees and customer contracts as well as technology assets and intellectual property.
ACI’s CFS unit provides financial institutions with a suite of digital banking and electronic payments solutions including Architect Banking, which supports online, mobile, and tablet banking for retail banks and small business customers on a single platform.
With the addition of ACI’s CFS business, financial services technology solutions firm Fiserv will have an expanded suite of digital banking and payments solutions.
ACI Worldwide president and CEO Phil Heasley said: "Exiting the community bank and credit union markets enables ACI to focus resources and energy on our strategic products and new high-growth initiatives.
"Today’s announcement builds on a series of recent milestones and investments. These include the acquisitions of ReD and PAY.ON, which propelled ACI into a leadership position in the fast-growing eCommerce and retailer omni-channel payments markets; plans to build a new European data center to accommodate increased SaaS payments demand; and the new ACI UP Retail Payments solution unveiled earlier today."
Subject to regulatory approvals and other customary closing conditions, the transaction is expected to be completed by the end of the first quarter this year.
Fiserv president and CEO Jeffery Yabuki said: "CFS adds proven digital technology solutions and a talented team of professionals to Fiserv to help clients navigate a rapidly changing world.
"We are committed to delivering a high level of service excellence to CFS clients and are excited to welcome them to the Fiserv family."
Image: ACI signs definitive agreement to sell its community financial services business to Fiserv. Photo: courtesy of Chaiwat / FreeDigitalPhotos.net.
