Fiserv acquires mortgage software and lending technology company
Revenue grew 2% for quarter

By Freeman Staff

August 1, 2017

BROOKFIELD — Fiserv, Inc. announced Tuesday it has completed the acquisition of a company specializing in internet-based mortgage software and mortgage lending technology solutions in order to enhance its own suite of mortgage origination services.

Brookfield-based Fiserv, a global provider of financial services technology solutions, did not disclose the financial terms Tuesday of acquiring the assets of PCLender, LLC.

“Rapidly evolving consumer expectations require a seamless approach to banking experiences, including mortgage origination,” said Jeffery Yabuki, president and chief executive officer of Fiserv, in a statement.

“PCLender provides Fiserv with a full digital suite of mortgage origination solutions for banks, credit unions and mortgage lenders. We welcome the existing clients and talented team members to our company.”

According to the announcement, Fiserv is working to simplify the lending process for financial institutions and borrowers by offering tools to originate, process, underwrite and deliver loans in a secure, paperless environment.

Also, on Tuesday, Fiserv announced its second quarter fiscal results, which included a 2 percent increase to $1.39 billion compared to the same period last year for its GAAP revenue. For the first six months of 2017, GAAP revenue increased 3 percent versus the same period last year to $2.78 billion, with 4 percent growth in the Payments segment and 3 percent growth in the Financial segment.

Net cash provided by operating activities was $691 million in the first six months of 2017 compared with $687 million in the prior year period, according to the company announcement.

“We delivered solid financial results in the quarter consistent with our expectations,” Yabuki said. “Our focus on client success continues to drive market momentum.”