View this article online: https://www.claimsjournal.com/news/midwest/2004/02/03/36339.htm
Brookfield, Wis.-based insurance software-market Fiserv Inc. announced record earnings for 2003.
For the fourth quarter of 2003, Fiserv processing and services revenues were $749.5 million, a 30 percent increase over the $575.3 million for the fourth quarter of 2002. Net income per share diluted for the fourth quarter of 2003 was 42 cents per share, compared to 35 cents per share for the fourth quarter of 2002.
For the year, Fiserv revenues were $2.7 billion, a 22 percent increase over the $2.2 billion in 2002. Net income per share diluted for the year was $1.61 per share, compared to $1.37 per share for 2002.
Fiserv closed 12 acquisitions in 2003 which added combined revenues of $610 million, according to CEO Leslie M. Muma.
The 12 acquisitions Fiserv closed in 2003 encompassed nearly all of its major lines of business. Four transactions that expanded the Fiserv portfolio of solutions for the insurance industry were ReliaQuote Inc., Insurance Management Solutions Group Inc., Unisure and MI-Assistant Software.
The additions of Chase Credit Research/Chase Credit Systems and General American Corporation added capabilities in the lending systems and services area, and the acquisitions of Avidyn, Wausau Benefits and MedPay enhanced the growing presence of Fiserv in the health plan management business. Fiserv also acquired additional resources in the banking and credit union industry with the acquisitions of Precision Computer Services, EDS Credit Union Industry Group and the item processing operations of the Federal Home Loan Bank of Indianapolis.
Fiserv provides information management systems and services to the financial industry, including transaction processing, business process outsourcing and software and systems solutions.