Fiserv Acquires M-Com to Enhance Mobile Banking and Payments Capabilities
Good day all,
M-Com, a mobile banking and payments platform provider has been acquired by Fiserv. This is big news for the industry as both companies have hundreds of mobile banking deployments across the U.S., Canada, and around the world. M-Com has been active in mobile financial services since 2000 and should be a valuable asset for growth for Fiserv.
I heard from M-Com's head of marketing last night, Serge van Dam. Although he was not able to provide details to me regarding the acquisition, he did let me know that this represents the start of even better things to come for both companies, and the industry in general. 2011 should be interesting times indeed for mobile financial services.
If you are interested in the press announcement regarding the transaction, please see below.
Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that it has acquired Mobile Commerce Ltd. (M-Com), an international mobile banking and payments provider, to enhance Fiserv’s existing mobile channel capabilities. The two companies have been partners since 2008, developing and delivering Mobile Money™ from Fiserv to hundreds of financial institutions. Financial terms of the acquisition were not disclosed.
M-Com, founded in 2000, is based in Atlanta, Ga., with an office in New Zealand. M-Com CEO Adam Clark and all employees of M-Com will join Fiserv as part of the transaction.
“Technology advancements and consumer usage patterns are converging across online and mobile channels,” said, Steve Olsen, group president, Digital Payments, Fiserv. “The acquisition of M-Com will enhance our ability to provide anywhere, anytime access to consumers who want their finances at their fingertips. Together, we will deliver best-in-class digital solutions for our clients, enabling a superior user experience for their customers.”
As strategic partners, Fiserv and M-Com have hundreds of mutual customers in the U.S. and several in international markets, and the combination of the two companies will accelerate the development of innovative solutions for these clients. In addition, Fiserv will have the ability to integrate M-Com mobile banking and payment technology into current product offerings, as well as leverage that technology for transformative new solutions. Current M-Com clients will benefit from Fiserv’s digital banking and payments expertise, deep resources and ongoing investments in mobile financial services.
“Offering robust services through the mobile channel is now critical for financial institutions,” said Mr. Clark. “With the addition of M-Com’s proven technology and deep employee expertise, Fiserv is positioned to continue delivering with excellence in the rapidly evolving mobile space, both domestically and internationally. Together, we will set the pace for mobile banking and payments.”
Headquartered in Atlanta, Ga., M-Com is an international mobile banking and payments solution provider with live Fortune 500 banking customers across Asia Pacific, the Middle East, Europe and North America. M-Com’s core proposition is centered on helping financial institutions and payment processors deliver world class adoption and revenue metrics from the mobile channel. For more information, visit www.mcom.co.nz.
Morgan Keegan acted as financial advisor to M-Com in its acquisition by Fiserv.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Fiserv is ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry. For more information, visit www.fiserv.com.
