FIS

Gary Norcross, Chairman, President and CEO, FIS

US-based financial services provider FIS on Wednesday announced the closure of its $43bn acquisition deal with global payments leader Worldpay, a move aimed at bolstering the global technology leadership position for the former.

Post-acquisition, the combined entity will have pro forma revenue of over $12bn and more than 55,000 employees on board, thereby paving its way towards being the leading provider of technology and solutions for merchants, banks and capital markets globally. In the combined entity, FIS and Worldpay will own a stake of 53% and 47% respectively.

“This transformative combination significantly enhances the scale, portfolio and global footprint of FIS to help our clients capitalize on growth opportunities at a time of rapid marketplace change,” FIS Chairman, President and CEO Gary Norcross said in an official statement.Through the much-hyped deal, FIS is all set to accelerate and transform the way the world pays, banks and invests. “I couldn’t be more optimistic about the future of this company and the innovations and advancements we can bring,” Gary added.

Several Worldpay executives will be holding significant positions in the new entity. Mark Heimbouch, former president and chief operating office at Worldpay will assume the chair of president of Marchant Solutions division. Stephanie Ferris, former financial office will join as chief operating officer while Charles Drucker, former executive chairman and CEO will be joining the FIS board of directors as vice chairman.

FIS had first made the announcement about acquisition in March this year, with an aim to enhance its payment offerings and accelerate its entry into new geographies.

Established in 1968, Fidelity National Information Services Inc.(FIS) is an international provider of financial services technology and outsourcing service with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, and outsourcing solutions.

by Sheeba Bhagat Dawar
Market Analyst at IBS Intelligence
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