Fiserv selling interest in Lending Solutions business

Freeman Staff

Feb. 8, 2018

BROOKFIELD — Fiserv, Inc. has entered into a definitive agreement to sell majority interest of its Lending Solutions business to Warburg Pincus LLC, a leading global private equity firm.

According to the Wednesday announcement, Warburg Pincus will acquire a 55 percent share of the Lending Solutions business of Fiserv and Fiserv will receive approximately $395 million in net after-tax proceeds and retain a 45 percent equity interest in the business.

Based in Brookfield, Fiserv is a global provider of financial services technology solutions.

According to the announcement, the joint venture will include all of the automotive loan origination and servicing products and related operations of Fiserv, as well as its LoanServ mortgage and consumer loan servicing platform. Fiserv will retain its Secure Lending product for e-contracting and its UniFi mortgage origination solution.

The business will continue to be led by Bret Leech, currently president of Fiserv Lending Solutions, according to the announcement, and focus on delivering a market-leading lending experience through innovative, borrower-centric technology and processing solutions.

“Fiserv is committed to delivering value for clients, and we expect this partnership with Warburg Pincus to further enhance service and innovation across the lending marketplace,” said Jeffery Yabuki, president and chief executive officer of Fiserv, in a statement. “In addition, we will continue to provide integration advantages to ensure that our collective clients get the best of both organizations to provide differentiated value for our clients, associates and shareholders.”