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Fidelity National's acquisition of Metavante creates processing giant
April 2, 2009
Digital Transactions: Fidelity National Information Services Inc.'s plan to buy Metavante Technologies Inc. in a $2.94 billion all-stock deal will create a bank- and payments-processing giant with $5 billion in combined revenue and a vast array of products, including credit, debit, and prepaid card processing, electronic bill payment, check imaging, and emerging technologies such as mobile payments. The risk is flubbing the complex integration task after the deal's expected third-quarter close, a risk Jacksonville, Fla.-based FIS president and chief executive Lee A. Kennedy said both companies are prepared to take. FIS has a history of acquisitions, including such prominent names in payment card and electronic funds transfer processing as eFunds Corp. in 2007 and Certegy Inc. in 2006.
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