Fidelity acquires eFunds for $1.8 billion in cash
29 Jun 2007
Mumbai: US-based Fidelity National Information Services (FIS), has acquired eFunds Corporation (EFD) in an all-cash transaction valued at approximately $1.8 billion (around Rs7,380 crore). Under the terms of the agreement, EFD shareholders will receive $36.50 in cash for each share of common stock.
eFunds, headquartered in Gurgaon, New Delhi has close to 4,000 employees in India. It also has a presence in Chennai and Bangalore. Similarly, FIS has had a presence in India since 2003.
In February this year, FIS expanded its offshore presence in India through the acquisition of California-based Second Foundation, a provider of offshore global information technology services. As a result of the acquisition, FIS'' wholly owned subsidiary, Fidelity Business Solutions India has centres in Bangalore and Chandigarh.
This acquisition added close to 600 employees to FIS''s operations. FIS had close to 2,000 employees in India and Philippines.
eFunds
provides risk management, electronic funds transfer (EFT) services, prepaid card
processing, and global outsourcing solutions to more than 10,000 financial services
companies in more than 80 countries.
