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March 4, 2016updated 04 Apr 2017 3:59pm

Fiserv closes acquisition of ACI Worldwide’s community financial services unit

Fintech provider Fiserv has completed the acquisition of ACI Worldwide's community financial services (CFS) business.

By Verdict Staff

Fintech provider Fiserv has completed the acquisition of ACI Worldwide’s community financial services (CFS) business.

ACI Worldwide in a statement said that the deal includes employees and customer contracts as well as technology assets and intellectual property.

Fiserv president and CEO Jeffery Yabuki said: "Closing this acquisition allows us to add new digital capabilities and to welcome a group of new clients and talented associates to Fiserv."

ACI Worldwide president and CEO Phil Heasley said: "The sale of CFS allows us to bring deeper focus on key strategic areas, aligning investments, resources and energy on ACI’s strategic products and new high-growth initiatives.

"This move is part of our strategy to expand our position as a leading provider of software products and SaaS-based solutions facilitating real-time electronic and eCommerce payments for large financial institutions and intermediaries, retailers and billers worldwide."

In January 2016, Fiserv has agreed to acquire ACI Worldwide’s CFS bisoness for $200m in cash.

ACI Worldwide, the Universal Payments (UP) company, supports electronic payments for more than 5,000 organizations across the world.

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