FIS (company)

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FIS
Public
Traded as NYSEFIS
S&P 500 Component
Industry Financial Sector
Founded 1968; 50 years ago (1968)
Headquarters Jacksonville, Florida, U.S.
Key people
Frank Martire
(Executive Chairman)
Gary A. Norcross
(President & CEO)
Products Banking Technology, Payment Technology, Processing Services, Information Based services
Revenue Increase$9.2 billion USD (2016)[1]
Decrease$1.064 1,076.3 billion USD (2013)[1]
Decrease$825.0 million USD (2013)[1]
Number of employees
56,000[2]
Website www.fisglobal.com

Fidelity National Information Services Inc., better known by the abbreviation FIS, is an international provider of financial services technology and outsourcing services. Headquartered in Jacksonville, Florida, FIS employs more than 55,000 people worldwide. FIS provides payment processing and banking software, services and outsourcing of the associated technology. FIS has over 20,000 clients in more than 130 countries.[3] FIS was ranked the #1 Financial Technology company on the FinTech100 in 2013 and 2014.[4]

Operations

FIS has a portfolio of products for the financial services sector, including both retail and investment banking.[5]

They include "Profile" - a banking application based on the open source GT.M—a transaction processing database engine maintained by FIS.[6]

Mergers and acquisitions

Throughout its history FIS has made many acquisitions [7]

  • Alltel Information Services, 2003 $1.05 billion [7]
  • WebTone Technologies, 2003
  • Sanchez Computer Associates, 2004 $175 million [8]
  • Aurum Technology, 2004 [9]
  • BankWare, 2004 [10]
  • InterCept, 2004 [11]
  • Kordoba GmbH & Co, 2004 $163.2 million [7]
  • Merger with Certegy Inc.,2006 $1.8 billion [7][12]
  • eFunds Corporation (EFD)
  • Metavante Corporation, 2009 $2.94 billion in stock [13]
  • Compliance Coach, Inc, 2010 [14]
  • Capco, 2010, $292 million [15]. In May 2017 FIS sold a 60% stake in Capco to CD&R funds for $477 million.[16]
  • TDWI - Toronto Dominion Wealth Institutional - now re-branded as Platform Securities, 2013 [17]
  • mFoundry, 2013, $120 million [18]
  • Reliance Trust Company, 2014 [19] $110 million
  • Clear2Pay, 2014 [20][21] $480 million
  • SunGard, 2015 [22] $9.1 billion

Controversies

On July 3, 2007, Certegy Check Services, part of FIS, announced that a worker at one of its subsidiaries stole 2.3 million consumer records containing credit card, bank account, and other personal information. This estimate was later increased to 8.5 million consumer records. The next month, a law firm filed a class-action lawsuit against CCS and parent company FIS based on the privacy breach; the firm claims that, since CCS provides check-verification services to many major U.S. stores, "consumers do not choose to use the services of these companies but rather are forced to do so".[23]

In August 2011, Florida based eFunds Prepaid Solutions, part of FIS, was the victim of a sophisticated cyberattack that saw hackers steal $13 million from ATMs using 22 stolen prepaid cards belonging to a single client of FIS.[24]

See also

References

  1. ^ a b c "10-K" (pdf). FIS. 28 February 2014. p. 23. Retrieved 29 November 2014. 
  2. ^ "About US - FIS". 
  3. ^ "About Our Company - FIS". 
  4. ^ Basch, Mark: [1] American Banker, "FinTech100 Rankings by American Banker"
  5. ^ "Enterprise Financial Systems - FIS". 
  6. ^ http://www.redhat.com/f/pdf/rhel/Profile_Benchmark_Results_11-17-2007.pdf
  7. ^ a b c d "About Our Company - FIS". 
  8. ^ "Fidelity National Financial acquires Sanchez". 29 January 2004. 
  9. ^ "Fidelity National Financial to acquire Aurum Technology". 9 February 2004. 
  10. ^ "Fidelity National Financial acquires Bankware and Pro-Soft". 7 April 2004. 
  11. ^ "Fidelity to buy InterCept; postpones IPO". 9 September 2004. 
  12. ^ "Certegy shareholders agree to Fidelity merger". 27 January 2006. 
  13. ^ "Media Room". 
  14. ^ "404. Page Not Found - Bloomberg" Check |url= value (help). [permanent dead link]
  15. ^ "Capco - Financial Services Business and Technology Consultants". 
  16. ^ "FIS To Sell 60% Equity Interest In Capco; To Receive $477 Mln In Cash Proceeds". 22 May 2017. 
  17. ^ "- FIS acquisition of Platform Securities completed". 
  18. ^ "FIS acquires mobile banking guru mFoundry for $120 million". 
  19. ^ "FIS Completes Acquisition of Reliance Financial Corporation". 
  20. ^ http://www.fisglobal.com/C029864
  21. ^ http://www.fisglobal.com/C031126
  22. ^ "FIS to Acquire SunGard". 
  23. ^ "Data breach generates class action lawsuit". Network World. 2007-08-21. 
  24. ^ "Coordinated ATM Heist Nets Thieves $13M". Brian Krebs. 2011-08-26. 

External links

  • FIS — official site
    • Business data for FIS: Google Finance
    • Yahoo! Finance
    • Reuters
    • SEC filings
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