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.

Overview Rating:

Speculative

100

0100