BROOKFIELD, Wis.–Jan. 19, 2004 –Fiserv, Inc. (Nasdaq:FISV) has acquired RegEd, Inc., a provider of Internet-based compliance management systems and distance learning programs for the insurance and securities industries. RegEd recorded approximately $9 million in revenues in 2003. Fiserv did not disclose a purchase price.
Leslie M. Muma, Fiserv President and Chief Executive Officer, said the acquisition will enable Fiserv to cross-sell RegEd products and services through its extensive client base in the insurance and securities industries.
“RegEd has a strong history of significant growth, and we believe that trend will only grow stronger as part of Fiserv,” Muma said. “RegEd brings a nice base of recurring revenue to our Insurance Solutions Group, as well as an enviable track record of anticipating the compliance needs of the insurance and securities industries.”
As part of the acquisition, RegEd will take over the operations of Emerald Learning Solutions, a Fiserv distance learning organization that also serves the insurance and securities industries.
RegEd, headquartered in Morrisville, North Carolina, has developed a line of intelligent, Internet-based products for clients to efficiently handle compliance regulations. These include an automated audit tracking system, online annual compliance questionnaire, customer complaint tracking tool, an advertising review module, and the industry’s leading securities registration and license management tool. RegEd provides authoritative course content, strong customer service, and the latest in tracking systems to more than 225,000 registered representatives at over 500 financial services companies. RegEd is on the Internet at http://www.RegEd.com.
All of RegEd’s 75 employees are expected to join Fiserv. Prior to the acquisition, the company was privately held.
John M. Schobel, RegEd CEO, said the acquisition will allow RegEd to achieve continued strong growth while significantly expanding its product development efforts.
“Our new alliance strengthens RegEd’s leadership position in the compliance market, expands our service levels and range of resources, retains our management and staff, and positions us for growth into new markets,” Schobel said. “We have considered many offers over the years and we chose to go with Fiserv because of their belief in our management, the way we run our business, and our strong commitment to client service.”
Terry Wade, President of the Fiserv Insurance Solutions Group, said RegEd significantly enhances Fiserv’s comprehensive portfolio of products and services for the securities and insurance industries.
“RegEd has achieved a great deal of success by making life easier for compliance officers in every part of the country with its highly automated compliance management solutions and continuing education programs,” Wade said. “We believe RegEd will enjoy tremendous synergies – both with our existing Emerald Learning Solutions business and across our the entire Insurance Solutions Group – as we develop this key niche.”
Fiserv, Inc. (Nasdaq: FISV) provides industry leading information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 14,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported $2.3 billion in processing and services revenues for 2002. Fiserv can be found on the Internet at http://www.fiserv.com.
The disclosure set forth above contains a forward-looking statement regarding estimates of future revenues and business prospects of Fiserv, Inc. This statement is subject to inherent risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that may cause actual results to differ materially from those contemplated by the forward-looking statement include, among others, changes in customers’ demand for the corporation’s products, pricing and other actions by competitors, and general changes in economic conditions or U.S. financial markets. These factors should be considered in evaluating the forward-looking statement, and undue reliance should not be placed on this statement.