Fiserv, Inc. Acquires RegEd, Inc.; Acquisition Complements Existing Marketing and Learning Solutions Within Fiserv.Business Editors BROOKFIELD, Wis.--(BUSINESS WIRE)--Jan. 19, 2004 Fiserv, Inc. (Nasdaq:FISV FISV Fiserv, Inc (stock symbol) ) has acquired RegEd, Inc., a provider of Internet-based compliance management systems and distance learning programs for the insurance and securities industries. RegEd recorded approximately $9 million in revenues in 2003. Fiserv did not disclose a purchase price. Leslie M. Muma, Fiserv President and Chief Executive Officer, said the acquisition will enable Fiserv to cross-sell RegEd products and services through its extensive client base in the insurance and securities industries. "RegEd has a strong history of significant growth, and we believe that trend will only grow stronger as part of Fiserv," Muma said. "RegEd brings a nice base of recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenue to our Insurance Solutions Group, as well as an enviable en·vi·a·ble adj. So desirable as to arouse envy: "the enviable English quality of being able to be mute without unrest" Henry James. track record of anticipating the compliance needs of the insurance and securities industries." As part of the acquisition, RegEd will take over the operations of Emerald Learning Solutions, a Fiserv distance learning organization that also serves the insurance and securities industries. RegEd, headquartered in Morrisville, North Carolina Morrisville is a town in Wake County, North Carolina, USA. The population was 5,208 at the 2000 census. A Special Census was conducted by the United States Census Bureau in March 2004, when the population was enumerated at 11,915. , has developed a line of intelligent, Internet-based products for clients to efficiently handle compliance regulations. These include an automated audit tracking system, online annual compliance questionnaire, customer complaint tracking tool, an advertising review module, and the industry's leading securities registration and license management tool. RegEd provides authoritative course content, strong customer service, and the latest in tracking systems to more than 225,000 registered representatives at over 500 financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies. RegEd is on the Internet at www.RegEd.com. All of RegEd's 75 employees are expected to join Fiserv. Prior to the acquisition, the company was privately held. John M. Schobel, RegEd CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said the acquisition will allow RegEd to achieve continued strong growth while significantly expanding its product development efforts. "Our new alliance strengthens RegEd's leadership position in the compliance market, expands our service levels and range of resources, retains our management and staff, and positions us for growth into new markets," Schobel said. "We have considered many offers over the years and we chose to go with Fiserv because of their belief in our management, the way we run our business, and our strong commitment to client service." Terry Wade Terry Wade (b. February 27, 1960-present) History On record as having mastered the largest waves ridden at The Wedge, a world famous surf spot in Newport Beach, CA, Terry Wade has become one of the world's most recognizable names in big wave bodysurfing. , President of the Fiserv Insurance Solutions Group, said RegEd significantly enhances Fiserv's comprehensive portfolio of products and services for the securities and insurance industries. "RegEd has achieved a great deal of success by making life easier for compliance officers in every part of the country with its highly automated compliance management solutions and continuing education continuing education: see adult education. continuing education or adult education Any form of learning provided for adults. In the U.S. the University of Wisconsin was the first academic institution to offer such programs (1904). programs," Wade said. "We believe RegEd will enjoy tremendous synergies - both with our existing Emerald Learning Solutions business and across our the entire Insurance Solutions Group - as we develop this key niche." Fiserv, Inc. (Nasdaq: FISV) provides industry leading information management systems and services to the financial industry, including transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. , outsourcing, business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in and software and systems solutions. The company serves more than 14,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin
Brookfield is a city in Waukesha County, Wisconsin, United States. The population was 38,649 at the 2000 census, but the city's population recently exceeded 40,000 people. , Fiserv reported $2.3 billion in processing and services revenues for 2002. Fiserv can be found on the Internet at www.fiserv.com. The disclosure set forth above contains a forward-looking statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding estimates of future revenues and business prospects of Fiserv, Inc. This statement is subject to inherent risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that may cause actual results to differ materially from those contemplated by the forward-looking statement include, among others, changes in customers' demand for the corporation's products, pricing and other actions by competitors, and general changes in economic conditions or U.S. financial markets. These factors should be considered in evaluating the forward-looking statement, and undue reliance should not be placed on this statement. |
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