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NEWS


IBS Journal March 2018


07


Warburg Pincus pays $395m for 55% stake in Fiserv lending business


P


rivate equity firm Warburg Pincus has acquired a 55% stake in Fiserv’s Lending Solutions, in a deal billed as a “joint venture” and worth $395 million.


The deal includes all Fiserv’s automotive loan origination and serving products, as well as its LoanServ mortgage and consumer loan platform. As well as retaining 45% of the business, Fiserv will keep hold of 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, and focus on “delivering a market-leading lending experience through innovative, borrower-centric technology and processing solutions”.


“We are pleased to partner with Fiserv and the Lending Solutions leadership team on this new joint venture, which brings together two leading businesses that provide mission-critical solutions to a growing and attractive client base,” said Jim Neary, managing director at Warburg Pincus. “We see meaningful opportunity to further build this business into a leading platform in automotive and mortgage lending technology.”


Jeffery Yabuki, president and CEO of Fiserv, added: “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.


“In addition, we will continue to provide integration advantages to


The deal between Warburg Pincus and Fiserv’s Lending Solutions has been described as a “joint venture”


ensure that our collective clients get the best of both organisations to provide differentiated value for our clients, associates and shareholders.”


Warburg Pincus signed a $317 million deal with technology vendor Avaloq in March 2017, acquiring a 35% stake in the Swiss firm.


Immediately following the deal, reports circulated that Avaloq had been forced to cut jobs at its headquarters.


Temenos denies acquisition approaches amid analyst speculation


T


emenos had its ‘sell’ rating reiterated by Goldman Sachs analysts in a research report issued to clients on 18 January, Marketbeat Ratings reported.


Temenos said that it has not been approached by anyone seeking to buy the Swiss banking software group, following speculation a deal might be on the cards.


In a statement, it said: “Temenos has not been approached to be acquired, nor is it in discussion to do so. Temenos continues to leverage the strength of its business model and unique value


proposition of packaged, upgradeable and open banking software to capture its significant market opportunity, support its clients in achieving their digital ambitions and to deliver outstanding returns for its shareholders.


“Temenos’ market leadership position, award-winning products, customer references and exceptional people provide the platform on which it will continue to redefine the way banking is done in the 21st century.”


Shares in the group fell by 4.9% following the statement.


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