News : Genpact to Acquire the Item Processing Assets of Fiserv Australia
New York, NY, USA, Feb 6, 2017 -- Genpact (NYSE: G), a global provider in digitally-powered business process management and services, announced that it has signed a definitive agreement with global financial services technology solutions provider Fiserv, Inc. (NASDAQ: FISV), to acquire the assets of its Australia-based Item Processing Business (IPB). Financial terms will not be disclosed.
The move strengthens and expands Genpact’s capabilities in the Australian market as well as in the banking and financial services industry, furthering its ability to transform and digitize high-volume transaction operations for banks, especially in the payments space.
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"The item processing assets and expertise will strengthen Genpact’s Financial Services business with the addition of a strategic capability, talented workforce, and an extended client base," said Mohit Thukral, senior vice president and business leader, Banking, Financial Services and Insurance, Genpact. "This addition also provides a unique skill set for driving digital transformation both in the financial services industry and the Australian market, which is a key strategic focus for us."
"Genpact is well-positioned to carry the business forward, given its business process expertise and our shared commitment to innovation and service excellence," said Steve Tait, group president, Fiserv. "Fiserv remains fully committed to growth in Australia within our strategic solutions including Digital Banking, Managed Services, Risk and Compliance, Core Banking and Payments. We believe clients of IPB and its associates will be very well-served by Genpact."
Posted by Veronica Silva Cusi, news correspondent
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Genpact is a Business process outsourcing (BPO) company in India. It was formerly a GE owned company called GE Capital International Services or GECIS. It operates from India, China, Guatemala, Hungary, México, Morocco, the Philippines, Poland, the Netherlands, Romania, Spain, South Africa, and the United States.
Fiserv is a provider of technology solutions to the financial world, including banks, credit unions, securities processing organizations, insurance companies.
Published: Wednesday, February 8, 2017