To execute a client cross-sales business model and continue to grow globally
Fidelity National Information Services (FIS) has completed the acquisition of Metavante Technologies. Under terms of the merger agreement, FIS acquired all of the outstanding shares of Metavante common stock, with each Metavante shareholder receiving 1.35 shares of FIS common stock for each share of Metavante common stock held.
Reportedly, the Florida-based company has also introduced a new corporate identity and logo. The combined company will be known as FIS. William Foley, chairman of FIS, said: “The combined scale, complementary product capabilities and market breadth of these two great companies will drive significant competitive advantages in the increasingly dynamic marketplace. This transaction will further strengthen FIS’ competitive position as a leading global provider of technology solutions and enable us to generate increased value for shareholders and customers.”
Frank Martire, president and chief executive officer of FIS, said: “With the completion of this strategic and transformative transaction, FIS has now enhanced its ability to deliver products and services, execute on a client cross-sales business model, and continue to grow globally. We will continue to make business and product investments and we will strategically integrate our products, where it makes sense to do so in order to deliver high-value solutions to our clients and prospects.”
Gary Norcross, corporate executive vice president and chief operating officer of FIS, said: “The new FIS will continue to serve individual market segments, including community banking and credit unions; mid-tier and large financial institutions; international banking; specialized payments in government, healthcare, and education; and focus on driving operational efficiencies and scale in order to serve our clients around the world. The FIS name conveys game-changing innovation, breadth and depth of products, and service with a local sensibility on a global scale.”
FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in more than 90 countries worldwide. FIS provides financial institution core processing, and card issuer and transaction processing services, including the NYCE Network.