ACI Worldwide is exiting the community bank and credit union market with the completion of the sale of its Community Financial Services (CFS) business to Fiserv.
The sale of the platform to Fiserv enables the FinTech solutions provider to extend additional digital banking and payments solutions to financial institutions, including providing support for online, mobile and tablet banking for retail banks and small business customers on a single platform.
"CFS adds proven digital technology solutions and a talented team of professionals to Fiserv to help clients navigate a rapidly changing world," said Jeffery Yabuki, president and CEO of Fiserv. “Closing this acquisition allows us to add new digital capabilities and to welcome a group of new clients and talented associates to Fiserv.”
The groundwork for the deal was first laid out in January this year, with the electronic payment solutions provider agreeing to sell the business to Fiserv for $200 million in cash. The deal also encompasses employees, customer contracts, technology assets and intellectual property rights, ACI announced.
The acquisition of CFS adds a suite of ACI solutions to Fiserv's portfolio, including Architect Banking, SSB Internet Banking, WebFederal Internet Banking and Advantage Internet Banking solutions; Advantage Consolidated Bank Bill Pay; and ACI Defense Services, a full-service security solution.
“The sale of CFS allows us to bring deeper focus on key strategic areas, aligning investments, resources and energy on ACI’s strategic products and new high-growth initiatives,” said Phil Heasley, president and CEO of ACI Worldwide. “This move is part of our strategy to expand our position as a leading provider of software products and SaaS-based solutions, facilitating real-time electronic and eCommerce payments for large financial institutions and intermediaries, retailers and billers worldwide,” Heasley added.