Brookfield-based financial technology developer Fiserv Inc. has acquired London-based Dovetail Group Ltd. for an undisclosed price.
Dovetail offers payments and liquidity management technology solutions to banks. It has six global offices, including a U.S. office in Parsippany-Troy Hills, New Jersey, where part of its leadership team is based.
According to Fiserv, the acquisition will expand its capabilities in banking payments infrastructure for wholesale, commercial and retail clients. Of note were Dovetail’s real-time payments platform, modular services and configurable business processing rules. The Dovetail technologies are expected to enhance Fiserv’s PEP+ ACH processing product, and allow it to offer a comprehensive real-time payments service on its NOW Network, the Turnkey Service for Zelle and The Clearing House Real-Time Payments scheme.
“As payments transform at the speed of life, we expect to enable financial institutions to influence and direct a larger share of the payment value chain,” said Jeffery Yabuki, president and chief executive officer of Fiserv. “Together, Dovetail’s strong capabilities and our market-leading solutions create a powerful combination for Fiserv to deliver differentiated value for financial institutions and their customers.”
“Dovetail has an established track record of delivering industry-leading payments transformation capabilities to banks of all sizes worldwide,” said Martin Coen, chief executive officer of Dovetail. “Joining Fiserv should dramatically accelerate our strategy to provide broad access to our payments platform and services, and to unlock greater value for financial institutions as they seek to modernize their payments infrastructure to support a real-time, digital experience for their customers.”
Fiserv develops payment, processing, risk and compliance, customer and channel management and insights and optimization products for banks and credit unions. It has announced a number of acquisitions this year, including its planned $98 million acquisition of Monitise plc, also in London; its $200 million purchase of a division of ACI Worldwide; and its acquisition this month of Reno, Nevada-based PCLender LLC.
The Fortune 500 company had $5.5 billion in revenue in 2016 and has about 23,000 employees at 120 global offices. It is currently considering moving its headquarters and could receive a $10 million state incentive to keep it in Wisconsin.
