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Fiserv to acquire i_Tech Corporation
BROOKFIELD, Wis. (12/18/08)--Fiserv Inc. announced this week that it plans to acquire i_Tech Corporation--a provider of outsourced account and payment processing services--from First Interstate BancSystem Inc. for $40 million. The expected closing date is Dec. 31. i_Tech outsourced account processing services as a licensee and reseller of the Fiserv ITI Premier core banking system to financial institutions in the Midwest and West. i_Tech provides electronic funds transfer processing and check processing. Selling i_Tech to Fiserv was based on long-term trends for bank data processing, according to First Interstate BancSystem president/CEO Lyle Knight. The decision was difficult, “but the industry has changed,” he said. Many institutions are divesting themselves of their data processing operations, he added. The acquisition has been discussed for many years, Fiserv said. Fiserv provides information management and electronic commerce systems to financial institutions, including credit unions. The company is headquartered in Brookfield, Wis.


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