Fiserv has completed its acquisition of CheckFree. Under terms of the transaction, Fiserv acquired CheckFree for approximately US$4.4bn in cash, or US$48 per share. More than 3,000 financial services Web sites use the electronic billing and payment services provided by CheckFree, and it is expected that growth will continue as consumers and businesses move from paper to electronic processes. Additionally, CheckFree’s investment services platform processes portfolios with assets under management totalling more than US$1.8 trillion. The newly combined company will offer support to financial institutions in areas including core processing, electronic billing, risk management, payments (including cash and logistics, ACH, imaging, online, phone, emergency and walk-in) and wealth management/managed accounts. The combined company’s pro-forma revenue for 2006 was more than US$4.5bn (excluding the previously announced sales of Fiserv ISS and Fiserv Health), serves more than 21,000 customers in 275 locations worldwide, and has more than 25,000 employees.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.