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BREAKING: Fla. mortgage processor to buy eFunds for $1.8 billion
June 27, 2007
Reuters:Mortgage processor Fidelity National Information Services Inc. announced this week that it plans to buy eFunds Corp. for $1.8 billion. The deal is expected to close by the end of the third quarter.
Brian Riley, a senior analyst at TowerGroup, said streamlining, globalizing and leveraging processing and analytic capabilities is essential for the payments industry, and one reason why the industry, over the last three months, has seen three other significant changes of control in the payments space.
"Fidelity National Information Services' acquisition of eFunds is the fourth significant change in control for payment processing leaders over the past three months," he said. "Earlier this year, Kohlberg, Kravitz Roberts & Co. announced their intention to acquire First Data, Marshall & Ilsley Corp presented their plans to spin off Metavante, and Blackstone Group LP implemented plans to acquire Alliance Data Corp."
Fidelity National Information Systems in 2006 was spun from Fidelity National Financial in 2006. It now services more than half of the top 50 global banks and services more than half U.S. residential mortgagers with its software. It provides technology solutions for automotive finance, debit and credit-card processing, check servicing, commercial and community lending, electronic payments, gaming, loan syndication, mortgages, real estate verticals and wealth management.
*ATM Marketplace contributed to the above news item.
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