BROOKFIELD, Wis. - Fiserv Inc. acquired Summit, N.J.-based Interactive Technologies Inc., a developer of fee-management and billing software for large and mid-sized financial services organizations. The move allows Fiserv to offer a new product and added functionality to existing products, according to a news release.
Interactive Technologies recorded revenue of about $10 million in 2004. The purchase price was not disclosed.
"Interactive Technologies has an outstanding product that is used by some of the best-known names in the financial services industry to handle even the most complex fee management and billing operations," said Leslie M. Muma, Fiserv president and chief executive. "We believe there is great potential, as part of Fiserv, to expand their client base both domestically and worldwide."
Interactive Technologies' approximately 50 employees and its president and CEO, Tom Dackow, are expected to join Fiserv.
