Fiserv Bolsters Digital Banking Strategy By Acquiring Remaining Stake In Finxact For ~$650M

  • Fiserv Inc FISV agreed to acquire Finxact, Inc, a developer of the cloud-native banking solution powering digital transformation throughout the financial services sector. 
  • Fiserv, an early investor in Finxact, will acquire the remaining ownership interest for ~$650 million.
  • The transaction advances the Fiserv digital banking strategy positioning Fiserv as the partner of choice.
  • Founded in 2016, Finxact provides clients with a modern, real-time, and extensible banking solution that empowers financial institutions with enhanced access to their data.
  • Fiserv held $942 million in cash and equivalents as of September 30.
  • Fiserv expects to close the transaction later this year.
  • Price Action: FISV shares closed lower by 1.32% at $104.88 on Friday.
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