Fiserv acquires credit reporting firms
16 July 2003 | 3904 views | 0
Fiserv has acquired California-based Chase Credit Research and Chase Credit Systems, a pair of related privately held firms providing credit reporting services and systems, for an undiclosed sum.
Fiserv says it expects the transaction to add about $25 million in annual processing and services revenue.
Together the companies employ 115 people and provide information from the three major credit repositories in a consolidated report to lenders. The companies also provide software that allows lenders and credit-reporting firms to perform their own analysis. The technology and services will be added to Fiserv's solution sets for lenders.
James Puzniak, president, Fiserv Lending Systems and Services Group, says: "Chase Credit will add new capabilities to our automated systems, giving our clients better integration."
Perry Cohan, president, Chase Credit Research and Chase Credit Systems, says the acquisition will provide the companies with access to Fiserv clients, capital and technology resources.
The firms are not affiliated with Chase Manhattan Bank.