Fiserv Agrees to Sell Fiserv HRIS Unit to Gores Technology Group
September 27, 2001
BROOKFIELD, Wis. and LOS ANGELES -- (BUSINESS WIRE) -- Sept. 27, 2001 -- Fiserv, Inc. (Nasdaq: FISV) and Gores Technology Group ("GTG"), today announced that GTG has signed a definitive agreement to purchase Fiserv Human Resource Information Services, a provider of human resources and payroll software, outsourcing products and services. Details of the transaction, which closed August 31, were not disclosed.
Fiserv, Inc. is an independent, full service provider of integrated data processing and information management systems to the financial industry. GTG is a privately held international acquisition and management company.
Leslie M. Muma, Fiserv President and Chief Executive Officer, said Fiserv HRIS, acquired as part of the company's 1991 acquisition of Citicorp Information Resources, Inc., does not fit the long-range strategic direction of Fiserv. Fiserv HRIS has annualized revenue of approximately $35 million.
"We look for complementary products that can be sold to a broad cross-section of our client base," Muma said. "Though we did achieve respectable growth in Fiserv HRIS, we could not find a way to more effectively market the organization's products and services to our financial institution clients."
Vance Diggins, CEO of Gores Technology Group, said, "Fiserv HRIS is precisely the kind of company that GTG seeks to acquire and build into a leader in its market segment. It is an organization with the key ingredients for continued success - excellent products, loyal customers worldwide, well-established distribution channels and partners, extremely promising products under development, and an experienced and highly skilled workforce."
James Bailey, Group President of GTG, added, "We believe that Fiserv HRIS has significant potential, and look forward to providing the leadership and resources required for Fiserv HRIS to operate as a an independent, market leading company. We look forward to Fiserv HRIS becoming a part of the GTG family."
Fiserv, Inc. (Nasdaq: FISV) is an independent, full-service provider of integrated data processing and information management systems to the financial industry. As a leading technology resource, Fiserv serves more than 10,000 financial services providers worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance agents and companies, mortgage banks and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv also can be found on the Internet at www.fiserv.com.
About Gores Technology Group
With headquarters in Los Angeles, Gores Technology Group (GTG) is a privately held international acquisition and management firm that pursues an aggressive strategy of acquiring promising high-technology organizations and managing them for growth and profitability. GTG has made a name for itself by acquiring and successfully managing companies--including many divisions acquired from large publicly traded companies--through its commitment to customers, employees, and continued development of intellectual property. GTG has acquired and managed approximately 40 interrelated but autonomous technology-oriented companies with locations throughout the world. Those companies provide a broad range of technology-based products and services to a substantial customer base representing millions of active users worldwide.