Fiserv has acquired Interactive Technologies, a developer of fee management and billing software for large and mid-sized financial services organisations, for an undisclosed sum.
New Jersey-based Interactive Technologies claims 60 clients and recorded revenue of about $10 million in 2004. The company's Advantage Fee System is a multi-currency, multi-lingual product that enables financial services firms to implement customised fee management and billing operations.
Leslie Muma, Fiserv president and chief executive officer, says the addition of Interactive Technologies will give Fiserv another product to offer to larger financial services organisations: "We believe there is great potential, as part of Fiserv, to expand their client base both domestically and worldwide."
Michael Gantt, president of the Fiserv Bank Systems Group, says the Advantage Fee System can be sold as a stand-alone product or integrated with other Fiserv products such as cash management and risk management.
Interactive Technologies' approximately 50 employees and its president and CEO, Tom Dackow, are expected to join Fiserv.