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First Data cuts data centers
September 23, 2007
Digital Transactions:First Data Corp. is proceeding with its previously announced plans to tighten operations as top management and private-equity firm Kohlberg Kravis Roberts & Co. struggles to meet a planned Sept. 30 buyout closing date. KKR in Aprilannounced plans to acquire the No. 1 process for $29 billion. Last week, in a regulatory filing with the Securities and Exchange Commission, First Data said it planned to take a $125 million to $150 million charge as it consolidates data centers and so-called command centers, and outsources technology development worldwide in order to achieve savings of $150 million by the end of 2008. The filing makes reference to the many processors and other payments companies First Data has bought over the years, especially since the mid-1990s, when the company embarked on a big expansion of its merchant-processing business.
OtherOutsourcingEFT NetworksBanking Executive SummaryNorth AmericaPublic CompaniesBank / Credit Union
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