Fiserv Sells Part of Its Lending Arm for $395 Million
Warburg Pincus LLC, a New York-based global private equity firm, announced this week that it has entered into an agreement to purchase 55 percent of its Lending Solutions business of Fiserv for approximately $395 million.
Fiserv, founded in 1984, is a publicly traded global provider of financial services technology solutions and it will retain a 45 percent equity interest in its lending technology business, Fiserv Lending Solutions.
The Brookfield, WI-based company focuses on automotive lending origination technology, automotive lending servicing technology and process solutions, as well as comprehensive mortgage and consumer loan servicing solutions.
“We are pleased to partner with Fiserv and the Lending Solutions leadership team on this new joint venture, which brings together two leading businesses that provide mission-critical solutions to a growing and attractive client base,” said Jim Neary, Managing Director, Warburg Pincus. “We see meaningful opportunity to further build this business into a leading platform in automotive and mortgage lending technology.”
Fiserv Lending Solutions will continue to be headed by its current president, Bret Leech.
Last modified: February 9, 2018
Todd Stone was a reporter for AltFinanceDaily.
