24 February 2018
Visit www.avoka.com

Fidelity National Financial to acquire Aurum Technology

09 February 2004  |  6254 views  |  0 cash - piggy bank_1

Fidelity National Financial has signed a definitive agreement to purchase Aurum Technology, a Texas-based provider of banking and processing software and services for the community bank and credit union markets, for $305 million.

FNF will acquire Aurum from an investment group led by Chicago-based private equity firm Willis Stein & Partners for approximately $175 million in cash and $130 million in FNF stock.

Under the acquisition, the firm will be integrated with FNF's Integrated Financial Solutions (IFS) division, headed by Gary Norcross.

Aurum reported $193 million in revenue in 2003, and has more than 1100 customers, including 600 credit union clients. The vendor's primary offerings include core processing, cheque imaging, ATM/EFT processing, branch automation, business intelligence and network services.

William Foley, chairman and CEO, FNF, comments: "The acquisition more than doubles our existing community bank customer base and Aurum's 600 credit union customers make FNF one of the largest providers of technology-based business solutions to this key market segment."

FNF says the acquisition will make it the only provider of core processing applications for every segment of the financial services market, including de novo banks, credit unions, community banks and regional banks as well as national and global financial institutions.

The transaction is expected to close late in Q1 2004.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Fidelity National Financial acquires Sanchez

Fidelity National Financial acquires Sanchez

29 January 2004  |  7735 views  |  0 comments
Fidelity Information Services buys Customized Database Systems

Fidelity Information Services buys Customized Database Systems

04 December 2003  |  4052 views  |  0 comments
North American Savings Bank outsources IT ops to Aurum

North American Savings Bank outsources IT ops to Aurum

07 May 2003  |  3588 views  |  0 comments
Brief: Chase selects Aurum for item image processing

Brief: Chase selects Aurum for item image processing

22 October 2002  |  4083 views  |  0 comments
Aurum launches e-banking software for mid-sized institutions

Aurum launches e-banking software for mid-sized institutions

07 August 2002  |  4600 views  |  0 comments
Fundtech and Aurum Technology enter EFT alliance

Fundtech and Aurum Technology enter EFT alliance

31 July 2002  |  2950 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.vasco.comVisit http://info.nice.comRegister for the webinar

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
11844 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10337 views 3 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
8602 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
8123 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
7798 views comments | 10 tweets | 14 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job