Fiserv and Checkfree have entered into a definitive agreement under which Fiserv will acquire Checkfree for approximately $4.4 billion. Fiserv provides core processing services to over 6000 banks while Checkfree is the leader electronic bill payment, online banking, and ACH processing.
Jeffery Yabuki, President and Chief Executive Officer of Fiserv said, "An important objective of the transaction is to tightly integrate electronic bill payment and settlement capabilities with our core account processing and risk management solutions to create a unique value proposition unrivaled in the marketplace today."
Pete Kight, CheckFree Chairman and Chief Executive Officer, said that the acquisition "will significantly accelerate the delivery of next-generation services to financial institutions and their customers."
AP reports that "on an annualized basis, Fiserv said it expects to realize more than $100 million in cost savings and more than $125 million in extra revenue as a result of the deal. "
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