Fidelity National Financial has acquired US cheque imaging outfit Bankware and software firm Pro-Soft for an undisclosed sum.
Bankware's ImageCentre suite is a browser-based technology set that provides cheque imaging, document imaging, remittance processing, COLD, and other ancillary processing. The vendor, which employs seventy people and claims 500+ clients, generated approximately $25 million in revenue and $5 million in net earnings in 2003.
FNF chairman and CEO William Foley, comments: "Bankware's imaging solution accelerates our ability to serve the growing item processing market with both hosted and licensed imaging solutions. Additionally, Bankware has a track record of both consistent revenue growth and solid profitability and its existing clients provide revenue synergy opportunities for other FNF products and services."
Harrisburg-based Pro-Soft provides core account imaging and item processing systems to US community banks. The firm also provides cheque and document imaging, on-line teller, and Internet banking solutions to clients in the mid-Atlantic and east coast regions.
BankWare and Pro-Soft will be brought together under a new BankWare division within Fidelity Integrated Financial Solutions (IFS) headed by Gary Norcross.