Fiserv has acquired RegEd, a privately-held provider of Web-based compliance management software and distance learning systems for the insurance and securities industries, for an undisclosed sum.
RegEd's products enable clients to efficiently handle compliance regulations and include an automated audit tracking system, online annual compliance questionnaire, customer complaint tracking tool an advertising review module and securities registration and license management tool.
The firm recorded approximately $9 million in revenues in 2003.
Under the acquisition, North Carolina-based RegEd will take over the operations of Fiserv's distance learning firm, Emerald Learning Solutions. All of RegEd's 75 employees are expected to transfer to Fiserv.
John Schobel, RegEd CEO, comments: "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."
Fiserve says the acquisition will enable it to cross-sell RegEd products and services through its client base in the insurance and securities industries.