Fiserv, Inc. Announces Agreement to Acquire Envision Financial Technologies, Inc.BROOKFIELD, Wis.--(BUSINESS WIRE)--Aug. 12, 1999-- Family of Companies to Complement Existing Fiserv Information Technology Services for the Financial Industry Fiserv, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FISV FISV Fiserv, Inc (stock symbol) ) announced today that it has signed an agreement to acquire Envision Financial Envision Financial, or Envision Credit Union, is a member-owned financial institution based in British Columbia, Canada. It was established in 2001 through a merger between Lower Mainland-based Delta Credit Union, whose roots were in the fishing industry, and Fraser Technologies, Inc. (Envision) of Chicago, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Leslie M. Muma, President and 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. of Fiserv. Envision is a family of independent service companies providing technology solutions primarily to credit unions nationwide, and includes Paradigms Software, Precision Direct, USERS Incorporated and XP Systems. Terms of the agreement, which is subject to receipt of regulatory approvals, were not disclosed. "Envision and Fiserv share a common strategic view of the financial industry, making this acquisition a natural fit in terms of corporate philosophy, commitment to clients and employees, and long-term, mutual goals," said Frank R. Martire, President of the Fiserv Bank & Credit Union Group. "In addition to this common culture, the products, services and expertise this new organization brings to Fiserv will enhance our information technology resources for the 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. industry. We're pleased to bring Envision into the Fiserv organization, and are confident that, together, we will continue to bring success to our clients." Envision Financial Technologies was formed two years ago when USERS Incorporated and XP Systems unified their organizations. In 1998, Envision acquired Precision Direct and Paradigms Software, and currently employs more than 550 professionals in California, Hawaii, Pennsylvania, Texas and Washington. "We're especially pleased to have the management skill, credit union industry expertise and commitment of Greg Derkacht added to our management team and staff of professionals," said Martire. "Greg will bring his strong leadership and an enthusiasm for client satisfaction to Fiserv." Derkacht will join the Company as President of the Fiserv Credit Union Systems Division. "The mission of the Envision organization has always been to build on the natural synergies that exist among our companies and to share technologies for the mutual benefit of those companies and their respective clients. This goal dovetails with the philosophy of Fiserv and its focus on service excellence," said Greg Derkacht, President and CEO of Envision Financial Technologies. "Both Envision and Fiserv have complementary skills in areas such as technology development and implementation, which will ultimately result in the most innovative business solutions for our clients." The Envision Financial Technologies family of companies include the following: Paradigms Software was formed in 1992 and is a developer of financial services delivery software. Based in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , the company offers specific expertise in the development of financial services application software and the use of technology to help organizations conduct effective target marketing campaigns. Paradigms' capabilities include expertise in developing applications software for stand-alone kiosks used by financial institutions. Precision Direct in Kent, Washington Kent is a city located in King County, Washington, United States. The second largest city in south King County and the eighth largest in the state, Kent has the third-largest industrial area in the United States. , is a leading provider of direct marketing and fulfillment services. The company was formed in 1987 and offers services such as database cleansing/maintenance, mailing services and electronic order fulfillment, all designed to help clients compete more successfully through cost-effective marketing. USERS Incorporated of Valley Forge, Pennsylvania This article is about the Village of Valley Forge, in southeastern Pennsylvania. For other uses, see Valley Forge (disambiguation). The Village of Valley Forge is an unincorporated settlement located on the west side of Valley Forge National Historical Park at the , was formed in 1962 and provides a wide range of information systems and services to credit unions. The company's core product--DataSafe--is based on a client/server design and runs on Compaq's ALPHA AXP The brand name Digital gave to its first family of Alpha-based computers. In 1998, Digital was acquired by Compaq. See Alpha. platform. DataSafe is available in an in-house, online or facilities management mode. XP Systems of Moorpark, California, also was formed in 1962 and is a developer of system solutions for the credit union industry. The company's core product--FOCUS XP--is an in-house, client/server based system operating on Microsoft Windows(TM) 3.1, Windows95 and Windows NT and runs on the IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) RISC/6000 hardware platform. Fiserv, Inc. (NASDAQ:FISV) is an independent, full-service provider of integrated data processing Noun 1. integrated data processing - automatic data processing in which data acquisition and other stages or processing are integrated into a coherent system IDP automatic data processing, ADP - data processing by a computer and information management systems to the financial industry. As a leading technology resource, Fiserv serves more than 10,000 financial service providers worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies, mortgage banks and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv also can be found on the Internet at www.fiserv.com. |
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