8-K

FISERV INC 8-K Report (Jun 18, 2002)

Filed June 18, 2002For Securities:FISV

Summary

This 8-K filing from Fiserv Inc. (FISV) on June 18, 2002, primarily announces the completion of its acquisition of LCC. LCC is a leading provider of electronic payment processing services for the grocery and mass merchandise retail sectors in North America. This strategic move is expected to significantly expand Fiserv's market presence and capabilities in the retail payment processing arena. The acquisition is structured with an upfront cash payment and potential future earn-out payments tied to LCC's performance. Fiserv anticipates that the integration of LCC will create substantial revenue and cost synergies, enhancing its overall competitive position and delivering greater value to its clients. Investors should monitor the integration progress and the realization of these anticipated synergies.

Key Highlights

  • 1Fiserv Inc. has successfully completed the acquisition of LCC, a significant player in electronic payment processing for the grocery and mass merchandise retail sectors.
  • 2The acquisition is expected to substantially broaden Fiserv's market reach and expertise within the North American retail payment processing industry.
  • 3The transaction involves an initial cash consideration and contingent future payments based on LCC's performance metrics.
  • 4Fiserv anticipates significant revenue and cost synergies resulting from the integration of LCC's operations.
  • 5This strategic acquisition is designed to strengthen Fiserv's competitive standing and enhance its service offerings to a wider client base.
  • 6The integration of LCC is expected to contribute positively to Fiserv's growth and profitability in the medium to long term.

Frequently Asked Questions

The primary purpose of this filing was to announce the completion of Fiserv Inc.'s acquisition of LCC, a company specializing in electronic payment processing for retail sectors.

LCC is a leading provider of electronic payment processing services, focusing on the grocery and mass merchandise retail industries in North America.

The acquisition involved an upfront cash payment, with potential for additional earn-out payments contingent upon LCC's future performance.

Fiserv expects the acquisition to significantly expand its market presence in retail payment processing, generate substantial revenue and cost synergies, and strengthen its overall competitive position.