Fiserv Buys Credit Software Firms
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Fiserv Inc., which sells software and services to process checks and cash-machine transactions, acquired Chase Credit Research and Chase Credit Systems to add credit-reporting software and about $25 million in annual sales.
The two businesses, based in North Hollywood, employ about 115 people.
Together, the companies provide information from the three major credit repositories in a consolidated report to lenders and lease software that allows lenders and credit-reporting companies to perform their own analysis.
The companies are closely held and have no affiliation to Chase Manhattan Bank or its subsidiaries.
The purchase is Brookfield, Wis.-based Fiserv’s seventh this year and its 120th since first selling shares to the public in 1984, spokesman Chuck Doherty said.
Fiserv shares rose 37 cents to $37.76 on the Nasdaq Stock Market. They have risen 11% this year.
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