Fiserv Acquires Global Financial Crime Management Leader, NetEconomy.
BROOKFIELD, Wis. -- Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry worldwide, today announced it has acquired NetEconomy, a leading financial crime management and compliance solutions provider to financial institutions across the globe with more than 130 implementations in 58 countries. Financial terms of the acquisition were not disclosed.
NetEconomy, founded in 1993, is headquartered in The Hague, The Netherlands, with offices in London, Paris, Boston, New York, Sydney, Shanghai, and Kuala Lumpur, Malaysia. NetEconomy, owned by Esprit Capital Partners since August 2005, provides highly effective and easily deployable solutions for anti-money laundering, fraud prevention and compliance.
"NetEconomy's proven products and strong management team will be at the forefront of our efforts to deliver value in the important growth area of enterprise risk management. We will now be able to provide banks, thrifts and credit unions a superior solution for both anti-money laundering and fraud management which will be integrated into all of our core account processing platforms - and at the same time, continue to serve large financial institutions who desire a superior risk management solution," said Fiserv President and Chief Executive Officer Jeff Yabuki. "This is a prime example of how our Fiserv 2.0 strategies come together to benefit clients. We bring high-quality technology products to our client base to help them achieve best-in-class results. We will continue to expand our capabilities in this important area."
"Fiserv is a trusted and world-class organization, providing end-to-end software solutions, and processing data for accounts and transactions across thousands of financial institutions. As a core building block of Fiserv's enterprise risk, compliance and fraud platform, we look forward to working together to help financial institutions meet the business challenges of risk management and compliance," said Sebastian Kuntz, chief executive officer of NetEconomy. "NetEconomy is delighted to now be part of Fiserv. This will advance our client reach, and accelerate the innovation and development of our fraud, risk and anti-money laundering solutions to better serve and grow our global customer base."
Neil Katkov, industry analyst at Celent said of the acquisition, "NetEconomy has leading-edge solutions for anti-money laundering, fraud and compliance, while Fiserv is a major provider of technology and outsourced services to the financial industry. Fiserv will be now able to offer a solid financial crime offering along with its traditional hosted and stand-alone core processing systems - an attractive combination."
Fiserv will offer a holistic enterprise risk, compliance and fraud solution integrated with all Fiserv core account processing platforms. From this, Fiserv plans to aggressively provide - either through organic innovation or continued acquisition - state-of-the-art client solutions in enterprise risk management including governance and compliance.
"We recognize that our clients, both financial institutions and their executives, face a higher level of accountability and need these solutions to fight financial crime. The acquisition of NetEconomy addresses these challenges by providing a key component to develop and deliver a premier enterprise risk, compliance and fraud platform for Fiserv," said Rahul Gupta, group president, payments and industry products, which includes Fiserv's risk management products. "We believe this is the best-in-market platform. We will continue to invest in advanced real-time architecture that will further enhance fraud detection and prevention capabilities, keeping our value proposition ahead of our competitors."
Gupta explained that the NetEconomy acquisition is an essential building block of Fiserv's strategy to develop and deliver the premier enterprise risk, compliance and fraud management solution for financial institutions worldwide, using underlying advanced analytics that offer greater business risk insight, increased operational efficiencies, and a flexible platform to manage evolving risk and compliance requirements.
NetEconomy, based in The Hague, with offices in London, Paris, Boston, New York, Sydney, Shanghai, and Kuala Lumpur, Malaysia, and distributors and strategic partners across South Africa, Australia, Europe, Southeast Asia, and the United States, is the leading provider of financial crime management and compliance solutions. NetEconomy brings business value to its worldwide client base through its personalized customer approach for minimizing regulatory risk, delivering measurable results, and protecting corporate brand and reputation. For more information, please visit www.neteconomy.com.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions. The company serves more than 17,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. Headquartered in Brookfield, Wis., Fiserv reported more than $4.5 billion in total revenue for 2006. For more information, please visit www.fiserv.com.