28 Jul Fiserv signs agreement to acquire BillMatrix
Brookfield, Wis. – Fiserv, Inc., a provider information management systems and services to the financial and health benefits industries has signed a definitive agreement to acquire BillMatrix Corp., a provider of expedited electronic bill payment services.
BillMatrix, founded in 1994, provides billers with an outsourced payment solution that allows their customers to get immediate credit for bills paid online or over the phone using electronic checks, debit cards or credit cards. The company’s more than 120 clients include utilities, telecommunications providers, insurance companies and lenders.
BillMatrix is expected to generate revenue of approximately $90 million in 2006. The purchase price is approximately $350 million, and the transaction is expected to close in the third quarter. BillMatrix’s employees and its president and chief executive officer, Scott B. Walker, will join Fiserv after the acquisition is completed.
Leslie M. Muma, Fiserv president and chief executive officer, said in a press release that the acquisition of BillMatrix would enable Fiserv to expand its capabilities in electronic bill payment.