Fiserv (NASDAQ:FISV), the leading global provider of financial services technology solutions, today announced the completion of its acquisition of CashEdge, a leading provider of consumer and business payments technologies.
Fiserv confirmed that the transaction is expected to be neutral to adjusted earnings per share in 2011 and accretive to adjusted earnings per share in 2012.
"Adding CashEdge's strong team and high caliber solutions to Fiserv capabilities should accelerate innovation and provide new sources of value for financial institutions and their customers," said Jeffery Yabuki, President and Chief Executive Officer of Fiserv.
CashEdge currently serves more than 500 clients, including strong representation in the large financial institution segment. Fiserv serves approximately 16,000 clients worldwide, including financial institutions of all sizes and charter types, brokerage and investment firms, and billers such as retailers, telecommunication firms, and utilities.
CashEdge has operations in New York, California and India. Sanjeev Dheer, Co-Founder, Chief Executive Officer and President of CashEdge, will serve as president of this new Fiserv division.