Fiserv Inc. has acquired Results International Systems, Inc., a provider of outsourced solutions for the property-and-casualty insurance industry.
The acquisition will contribute approximately $7 million in annualized revenues. The purchase price was not disclosed.
Leslie M. Muma, Fiserv President and Chief Executive Officer of the Brookfield, Wis.-based company, said the acquisition of Results International will expand Fiserv's strength in the insurance market by adding a broad P&C outsourcing capability to the company's existing portfolio of insurance systems and services.
"Insurance companies are growing more comfortable with the idea of outsourcing, so Results International will add a vital component as we expand our capabilities in this very significant market," Muma said. "For Fiserv, Results International also brings high-quality recurring revenues to our Insurance Group."
Terry Wade, President of the Fiserv Insurance Group, said Results International will be a natural fit with Fiserv since the company offers its outsourced services by using the Fiserv Specialty insurance administration system.
"We see many synergies that will provide significant benefits to insurance industry clients of both Fiserv and Results International," Wade said. "Fiserv will benefit by gaining an operation with a growing client base in the P&C outsourcing market, as well as the Artius(R) Web-based products supporting the policy underwriting process. Results International will gain access to Fiserv's rich heritage of outsourcing for clients across the financial services industry."
In addition to its headquarters in Worthington, Ohio, Results International also operates offices in Sheboygan, Wisconsin, and New Delhi, India. The New Delhi facility provides software development and client service support. All of the company's more than 80 employees are expected to join Fiserv.
"We are very excited to join with Fiserv to enhance our ability to serve the insurance industry," said Atul Saxena, Results International Chief Executive Officer. "We now have access to more products and resources to devote to our continuing commitment to strong growth, new technology and exemplary client service."
Source: Fiserv Inc.
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