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First Data is now Fiserv, the company announced Wednesday, revealing that it has officially completed its $22 billion acquisition of the payments giant to create what will no doubt be a fintech monolith.
First announced in January, the merger brings together two big-time players in the fintech space in a deal the companies said they expect to generate “approximately $900 million of run-rate cost savings and at least $500 million of revenue synergies, leading to enhanced revenue growth from expanded capabilities.”
The goal, according to the two companies, was to “redefine the manner in which people and institutions move money and information.”
Now that the deal is officially final, Firsev said it remains committed to this mission.
Together, we will leverage our deep technological expertise, leading digital and payment capabilities, ability to integrate solutions, and global scale to serve our clients in ways no other provider can match,” Fiserv said in a statement to partners. “Importantly, we are committed to delivering innovation that will enable highly differentiated solutions to help our clients best serve their customers and members.”
