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FOR IMMEDIATE RELEASE
November 4, 2003
Fiserv
Acquires MI-Assistant Software
to
Broaden its Reach in the Insurance Rating Business
Brookfield,
Wisconsin, November 4, 2003—Fiserv,
Inc. (Nasdaq: FISV) has acquired
MI-Assistant Software, Inc. – a rating
and automation solution
provider to insurance agents and companies in the Midwest – as part of its plan
to significantly increase its presence in the insurance rating business.
The acquisition will add
approximately $6 million in annualized processing and services revenues. The
purchase price was not disclosed.
Leslie M. Muma, Fiserv President and Chief Executive Officer, said the
acquisition is one component in the company’s strategy to gain a nationwide
presence in the insurance rating industry. “We
will continue to look for more ways to build this business – whether through
acquisition or expansion into new markets,” Muma said. “At the same time, we
continue to look for more ways to expand our overall presence in insurance
technology and services.”
MI-Assistant, located in Eleva, Wisconsin, employs 75 people and provides rating
and automation solutions to insurance agents and companies in Wisconsin,
Minnesota, Iowa and Illinois. MI-Assistant will operate as a division of Fiserv
FSC, an organization that holds a dominant position in the insurance rating
business in California and Arizona.
Robert Meyerson, President of Fiserv FSC, said the acquisition allows Fiserv FSC
to significantly expand its client base while allowing Fiserv FSC and
MI-Assistant to gain technological synergies. “The addition of MI-Assistant allows us
this opportunity to expand at a faster rate and with a much broader presence,”
Meyerson said. With this acquisition, Fiserv
gains a large portion of the insurance rating market share in the Midwest and
will provide rating and automation solutions to more than 7,000 customers
throughout California, Arizona, Wisconsin, Minnesota, Iowa, Illinois and Indiana.
“Joining Fiserv brings tremendous benefits to our customers in
terms of speed to market and product innovation,” said Scott Deetz, President of MI-Assistant. “We have
already identified technology and operational areas where a combined operation
shows a great deal of promise to our customers.
We very much look forward to the new opportunities that this transaction creates.”
Headquartered in Agoura Hills, California, Fiserv FSC is a full-service provider
of personal lines rating solutions for the insurance industry. As a leader in
rating technology solutions, Fiserv FSC provides systems to more than 7,000
customers nationwide including independent agents, brokers, insurance companies
and managing general agencies. Fiserv FSC can be contacted at
www.fiservfsc.com
or by calling Fiserv FSC’s Customer Support department at (800) 433-2550.
Fiserv, Inc. (Nasdaq:
FISV) provides industry leading information management systems and services to
the financial industry, including transaction processing, outsourcing, business
process outsourcing and software and systems solutions. The company serves more
than 13,000 clients worldwide, including banks, broker-dealers, credit unions,
financial planners/investment advisers, insurance companies and agents,
self-insured employers, lenders and savings institutions. Headquartered in
Brookfield,
Wisconsin, Fiserv reported $2.3 billion in processing and services revenues for
2002. Fiserv can be found on the Internet at
www.fiserv.com.
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