News
FIS Announces Acquisition of GIFTS Software, Inc.
JACKSONVILLE,
Fla., Feb. 7, 2011 - FIS™ (NYSE: FIS), one of the world’s
largest providers of banking and payments technology, today announced
it has acquired GIFTS Software, Inc., a single source provider
of integrated funds transfer, Web-based cash management systems
and anti-money laundering (AML) solutions. The terms of the deal
were not disclosed.
Founded
in 1995 and headquartered in New York City, GIFTS solutions are
deployed in more than 70 banks including some of the world's largest
financial institutions.
FIS has provided commercial treasury solutions for more than 30
years and this acquisition is a strategic move to meet the growing
demand for cash management and international services among small-
to mid-sized financial institutions, as well as top-tier financial
institutions. With this acquisition, FIS is able to offer a robust
and fully integrated, licensed or ASP real-time wire transfer
solution, eliminating the need for its clients to turn to other
providers for these capabilities. The licensed solution has been
deployed in conjunction with a number of FIS’ core solutions.
The ASP solution is already integrated with FIS’ IBS core banking
platform and FIS intends to integrate it into the company’s other
core solutions.
Through
its existing partnership with GIFTS Software, FIS has deployed
the company’s wire transfer solution in a hosted environment via
a transaction-based pricing model. This enables small and mid-tier
institutions to benefit from the same wire transfer capabilities
used by top-tier institutions. Headquartered in Nashville, Tenn.,
CapStar Bank is one of several banks currently utilizing the solution
in a hosted model and 10 banks are already scheduled to deploy
in 2011.
“We
elected to utilize the FIS and GIFTS wire transfer solution in
a hosted environment for a variety of reasons,” said Jane Edwards,
senior vice president, CapStar Bank. “We set some aggressive growth
objectives for the bank that we believe are more attainable with
this deployment model. We have a lean staff, so in order to grow
by pursuing new business opportunities with large volume, wire
transfer clients, we would have to add back-office staff. With
FIS and GIFTS, the entire wire transfer process flows automatically
in real-time, with very little human interaction. This provides
a clear competitive advantage for CapStar.”
“In
today’s global economy, the need to provide AML, cash management
and international services isn’t limited to the world’s largest
institutions,” said Anthony Jabbour, executive vice president,
FIS Financial Solutions Group (FSG). “FIS is a well-established
leader for compliance and cash management services and we’re proud
to deliver a fully integrated, wire transfer and payment solution
to institutions of all sizes for their U.S. and international
operations. We are excited to offer our clients the expanded compliance
and cash management offerings that GIFTS brings to FIS.”
“We are excited to become part of FIS,” said Jawaid Khan, founder
and CEO of GIFTS Software. “The combination of our two companies
creates an entity that will lead the commercial treasury market
in scale, processing power and innovation.”
About
GIFTS Software
GIFTS Software has been successfully providing software solutions
to the financial community since 1996. Our product line includes
comprehensive compliance solutions, wire transfer, e-banking and
customer relationship management systems designed to meet the
demanding needs of the financial community. To discover how the
GIFTS family of products can help streamline your business process,
reduce costs, improve customer service and mitigate operational
risks, please contact Paul Gdanski at 646-865-1301, Ext. 240,
or via email at pgdanski@giftssoft.com.
About
FIS
FIS (NYSE: FIS) is one of the world’s largest global providers
dedicated to banking and payments technologies. With a long history
deeply rooted in the financial services sector, FIS serves more
than 14,000 institutions in over 100 countries. Headquartered
in Jacksonville, Fla., FIS employs more than 30,000 people worldwide
and holds leadership positions in payment processing and banking
solutions, providing software, services and outsourcing of the
technology that drives financial institutions. FIS is a member
of Standard & Poor’s 500® Index and consistently holds a leading
ranking in the annual FinTech 100 list. For more information about
FIS, visit www.fisglobal.com.
Forward-Looking
Statements
This
news release contains forward-looking statements that involve
a number of risks and uncertainties. Statements that are not historical
facts, including statements about our beliefs and expectations,
are forward-looking statements. Forward-looking statements are
based on management's beliefs, as well as assumptions made by,
and information currently available to, management. Because such
statements are based on expectations as to future economic performance
and are not statements of fact, actual results may differ materially
from those projected. We undertake no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise. The risks and uncertainties which
forward-looking statements are subject to include, but are not
limited to: changes in general economic, business and political
conditions and other risks detailed in the “Statement Regarding
Forward-Looking Information,” “Risk Factors” and other sections
of the Company’s Form 10-K and other filings with the Securities
and Exchange Commission.
For More Information:
Marcia
Danzeisen, SVP, FIS Global Marketing and Communications
Phone:
904.854.5083, Email: marcia.danzeisen@fisglobal.com
Mary
Waggoner, SVP, FIS Investor Relations
Phone:
904.854.3282, Email: mary.waggoner@fisglobal.com