Fiserv, Inc. (Nasdaq:FISV) announced today that it has acquired certain assets of CT Insurance Services and CCH Wall Street, two product lines of Wolters Kluwer Financial Services.
The acquisitions, which include Xchange, Securities Registration and Producer Licensing software from CT Insurance Services and the Financial Training product line from CCH Wall Street, will add both comprehensive online application capabilities for insurance licensing and securities registration, along with extensive NASD exam preparation courses to Fiserv's suite of products. Terms of the asset purchase were not disclosed.
CT Insurance Services is a leading provider of enterprise-wide systems for insurance licensing and securities registration. The Web-based systems from CT Insurance Services capture data at the origination point, allowing the filer to prepare and submit licensing and registration filings electronically, improving speed of delivery of this vital information. The Financial Training solutions from CCH Wall Street provide premier NASD Exam Preparation, including an interactive virtual learning environment, and innovative in-person and self-study solutions.
"Fiserv has always been committed to providing our clients with best-in-class technology when it comes to automating processes and offering end-to-end solutions, and this acquisition reinforces that commitment," said Jeff Yabuki, Fiserv's president and chief executive officer. "We're excited to be able to expand our capabilities through inclusion of technology such as Xchange and the Financial Training product line, and we look forward to providing enhanced capabilities to both current and future Fiserv clients."
The acquired products will become a part of RegEd, the Morrisville, N.C. business unit of Fiserv that provides continuing education and compliance solutions for the securities and insurance industries. RegEd, which already serves more than 225,000 registered representatives and insurance agents at more than 500 financial services and insurance companies, will benefit through the acquisition, according to Terry Wade, president of Fiserv Insurance Group.
"RegEd already plays a significant role in addressing the compliance and education needs of providers within the insurance industry," said Wade. "The acquisition of additional Web-based solutions from CT Insurance Services and Financial Training will further enhance those capabilities in serving existing and new clients nationwide."
The acquisition also will mean increased opportunity for the Xchange product line, according to Debra Freitag, general manager of CT Insurance Services, who will become Executive Vice President of Business Development at RegEd. "By combining the CT Insurance Services and Financial Training solutions with the strong offerings of RegEd, we will provide the most comprehensive training, licensing, registration and compliance offerings available in the industry, all from one esteemed provider," Freitag said. "Our customers will benefit immensely and reap the rewards of RegEd's investment in additional services and value creation."