Fiserv to acquire Atlanta fintech company
Transaction continues list of high-dollar deals affecting Alpharetta
In October, medical-devices company Boston Scientific announced plans to buy Alpharetta-based EndoChoice Holdings for roughly $210 million. And, earlier in September, the 152-acre Sanctuary Park office park on Ga. 400, was sold for $265 million to Rubenstein Partners.
In August, MagicJack for Business opened its headquarters in Alpharetta, hiring more than 100 employees. And, a month earlier, Dutch conglomerate Philips announced the purchase of Alpharetta startup Wellcentive.
ALPHARETTA, Ga. – Corporate acquisitions continue to make headlines in the North Fulton-Forsyth area.
Less than a month after Siemens announced it will acquire Oregon-based Mentor Graphics for $4.5 billion, news surfaced last week that Wisconsin-based Fisserv has entered into an agreement to acquire Atlanta’s Online Banking Solutions (OBS).
Terms of the deal were not disclosed. Online Banking Solutions, a private fintech company founded in 1992, provides a secure, modern cash management system designed for digital channels, such as smartphones tablets and wearable devices.
It offers a secure browser that provides a gateway to applications offered by financial institutions to their commercial customers.
Fiserv, with regional headquarters in Alpharetta, expects to gain additional cash management and digital business banking capabilities to complement its existing solutions.
"Financial institutions are increasingly focused on deepening relationships with commercial customers," said Jeffery Yabuki, president and chief executive officer of Fiserv. "The addition of Online Banking Solutions' technologies further enables Fiserv clients to provide greater value to their commercial customers through sophisticated cash management solutions when and where they need them."
OBS received the "Up-And-Comer Award" in the Aite Group U.S. Cash Management Vendor Evaluation 2016.
OBS products are already integrated across a number of Fiserv systems and with other core processing platforms. OBS product integration is available across Fiserv core account processing platforms such as Signature, Premier and Cleartouch, and post-closing will include DNA.
"Our relationship with Fiserv is already established through our activities with several mutual clients," said Dan Myers, CEO of Online Banking Solutions. "Joining Fiserv allows us to create new opportunities for our associates and to broaden the reach of our leading solutions to more banks and credit unions, ultimately enabling them to better serve their commercial customers."
The transaction is the latest in a recent succession of major corporate announcements touching Alpharetta.