Fiserv Completes CheckFree Acquisition

Fiserv Inc., a provider of information technology services to the financial industry, has completed its $4.4 billion cash acquisition of CheckFree Corp.

The combined company has the ability to support financial institutions of any size in a number of 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, Fiserv said.

More than 3,000 financial services Web sites use the electronic billing and payment services provided by CheckFree. Its online banking platform for financial institutions and its investment services platform processes portfolios with assets under management totaling more than $1.8 trillion.

CheckFree's client base of large financial institutions complements Fiserv's base of more than 18,000 clients, the company said.

The combined company's pro-forma revenue for 2006 was more than $4.5 billion (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.

Jeffery Yabuki will continue to serve as CEO and president of Fiserv Inc., and Donald F. Dillon will continue to serve as chairman. Tom Hirsch will continue as the company's CFO.

CheckFree CEO Pete Kight will be vice chairman of Fiserv and will lead new product development and strategic integration. Steve Olsen, COO of CheckFree, will become Fiserv's group president of Internet banking and electronic payments. Olsen will lead the company's bill payments, internet banking, treasury/cash management and investment management businesses.

The company also announced that Norm Balthasar, senior executive vice president and chief operating officer, will retire from his position on Dec. 31. Balthasar will remain with the company through June 30, 2008 to ensure a seamless transition and to assist in the CheckFree integration.

Fiserv Inc. www.fiserv.com