Brookfield-based Fiserv Inc. has agreed to acquire Atlanta-based Online Banking Solutions Inc. Terms of the transaction, expected to close by the end of the year, were not disclosed.
Online Banking Solutions was founded in 2002 and offers secure online business banking services to financial institutions. Among its products are a secure data exchange for financial institutions and their commercial clients; an ebanking and business services portal; and a small business banking payments and financial portal. It has about 40 employees, said Britt Zarling, spokesperson for Fiserv.
Fiserv, a Fortune 500 company that offers financial services technology including payments, processing, risk and compliance to financial institutions, said the acquisition will allow it to enhance its cash management and digital business banking offerings. Fiserv reported net income of $214 million, or 96 cents per diluted share, down from $218 million, or 92 cents per diluted share, in the third quarter of 2015. The company has $5.1 billion in revenue and about 24,000 employees at 148 global offices.
Fiserv already uses OBS products in some of its tools and core processing programs. OBS’ employees will all remain on board and continue working out of Atlanta, Zarling said.
“Financial institutions are increasingly focused on deepening relationships with commercial customers,” said Jeffery Yabuki, president and chief executive officer of Fiserv. “The addition of Online Banking Solutions’ technologies further enables Fiserv clients to provide greater value to their commercial customers through sophisticated cash management solutions when and where they need them.”
“Our relationship with Fiserv is already established through our activities with several mutual clients,” said Dan Myers, CEO of Online Banking Solutions. “Joining Fiserv allows us to create new opportunities for our associates and to broaden the reach of our leading solutions to more banks and credit unions, ultimately enabling them to better serve their commercial customers.”
