Milwaukee-based fintech company Fiserv Inc. announced that it will acquire the remaining 49.9% of AIB Merchant Services, its joint venture with Dublin, Ireland-based AIB Group.
Terms of the transaction were not disclosed. It is expected to close in the third quarter.
Founded in 2007, AIBMS is one of Ireland’s largest payment solution providers and one of Europe’s largest e-commerce acquirers, according to a news release announcing the deal.
AIB Group will continue to work exclusively with AIBMS and Fiserv by referring customers who require merchant acquiring services.
“We have enjoyed a strong partnership with AIB Group, as together we grew AIBMS into one of the leading acquirers in Europe, and I look forward to continuing to work closely with them to support our mutual clients,” said Katia Karpova, head of the EMEA region at Fiserv. “Our focus will remain on delivering market-leading solutions to clients of all sizes across Ireland and the broader European market. We are particularly excited for the opportunity to accelerate the local penetration and growth of Clover, the world's smartest point-of-sale system and business management platform.”
“Following a successful joint venture partnership, we believe Fiserv has the commitment, experience and innovative technical solutions to grow AIBMS and that our customers will continue to be well-served under their sole ownership,” said Colin Hunt, chief executive officer of AIB. “Recognizing the strength of the AIB customer franchise, we are pleased to support our business customers by maintaining a close on-going relationship with Fiserv. AIB continues to implement its strategy at pace, with strong progress in each of our three focus areas: customer first, greening our business and operational efficiency and resilience. We wish AIBMS and Fiserv every success in the future.”
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