14 Jun Fiserv acquires fee and billing software developer Interactive Technologies Inc.
Milwaukee — Brookfield-based Fiserv, Inc., has acquired Interactive Technologies, Inc., a developer of fee management and billing software for large and mid-sized financial services organizations, for an undisclosed sum.
Interactive Technologies, headquartered in Summit, New Jersy, develops software for large international and domestic banks, investment management companies, depositories, exchanges and other high-end providers of financial services to manage the complex fee arrangements that are now part of the financial services arena.
“We see opportunities to not only sell the Interactive Technologies Advantage Fee System as a stand-alone product, but also to wrap it with products such as cash management or risk management software to enable Fiserv clients to better manage today’s increasingly complex financial services environment,” said Fiserv Bank Systems Group president Michael Gantt.
Interactive Technologies’ approximately 50 employees and its president and CEO, Tom Dackow, are expected to join Fiserv. Interactive Technologies has about 60 clients and recorded revenue of about $10 million in 2004.