The Princeton office of Reitler Kailas & Rosenblatt LLP is representing Finxact, developer of a cloud-native banking solution that is powering digital transformation throughout the financial services sector, in its agreement to be acquired by Fiserv, a leading global provider of payments and financial services technology, according to a Feb. 7 announcement.
Fiserv was an early investor in Finxact, which was founded in 2016. Finserv will pay about $650 million to acquire the remaining ownership interest in the company.
Finxact provides clients with a modern, real-time and extensible banking solution that empowers financial institutions with enhanced access to their data. Finxact can help organizations of all sizes launch new products and digital capabilities with maximum flexibility and scalability via a robust set of modern APIs. As financial institutions and companies across all industries around the world embrace new fast-growing digital technology for embedded commerce, finance and payments.
“Joining with Fiserv is a tremendous opportunity for Finxact,” said Frank Sanchez, chairman and CEO of Finxact. “We recognize that Finxact’s technology can serve to level up the industry’s delivery infrastructure, and crucially at a time when banking is undergoing transformative changes. We will be better positioned to serve a far greater number of institutions, of all sizes, when combined with the breadth and depth of Fiserv capabilities.”
The transaction is subject to customary approvals and closing conditions and is expected to close later this year.
“This is an extraordinary transaction for an extraordinary company … a true testament to hard work and an unwavering commitment to success. We are immensely grateful to have served as Finxact’s general legal counsel and honored to be a part of their story,” said Greg Petroff, partner of Reitler Kailas & Rosenblatt LLP.
The acquisition of Finxact will further Fiserv’s digital banking strategy and expand its account processing, digital, and payment solutions.