Fiserv to Acquire AIB Merchant Services
Classified in: Science and technology
Subjects: Contract/Agreement, Product/Service, Merger/Acquisition
Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, announced today that it has agreed to acquire the remaining 49.9% of AIB Merchant Services (AIBMS), its joint venture with AIB Group, in a transaction focused on driving continued growth in Ireland and the broader European market. Founded in 2007, AIBMS is one of Ireland's largest payment solution providers and one of Europe's largest e-commerce acquirers. AIBMS has been very successful to date and AIB Group will continue to work exclusively with AIBMS and Fiserv by referring customers who require merchant acquiring services. Financial terms of the transaction were not disclosed.
"We have enjoyed a strong partnership with AIB Group, as together we grew AIBMS into one of the leading acquirers in Europe, and I look forward to continuing to work closely with them to support our mutual clients," said Katia Karpova, Head of the EMEA region at Fiserv. "Our focus will remain on delivering market-leading solutions to clients of all sizes across Ireland and the broader European market. We are particularly excited for the opportunity to accelerate the local penetration and growth of Clover, the world's smartest point-of-sale system and business management platform."
"Following a successful Joint Venture partnership, we believe Fiserv has the commitment, experience and innovative technical solutions to grow AIBMS and that our customers will continue to be well-served under their sole ownership," said Colin Hunt, Chief Executive Officer of AIB. "Recognising the strength of the AIB customer franchise, we are pleased to support our business customers by maintaining a close on-going relationship with Fiserv. AIB continues to implement its strategy at pace, with strong progress in each of our three focus areas: Customer First, Greening our Business and Operational Efficiency and Resilience. We wish AIBMS and Fiserv every success in the future."
The transaction is subject to regulatory approvals and closing conditions and is expected to close in the third quarter.
About Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover�, the world's smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500� Index and one of Fortune� World's Most Admired Companiestm. Visit fiserv.com and follow on social media for more information and the latest company news.
About AIB
AIB is a financial services group operating predominantly in Ireland and the United Kingdom. We provide a range of services to retail, business and corporate customers, with market-leading positions in key segments. AIB is the principal brand across all geographies. In Ireland, EBS is our challenger brand and Haven is our mortgage broker channel.
For further information, please visit www.aib.ie
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