FIS acquires Capco, to provide collaborative consulting services
FIS (NYSE: FIS), banking and payments technologies provider, has signed a definitive agreement to acquire Capco, a business and technology consultancy dedicated to the financial services industry. The transaction closing is expected by year end.
“The addition of Capco will greatly enhance the value we bring to our clients through the powerful combination of FIS’s breadth of technology solutions and Capco’s strong knowledge base and global industry expertise,” opined Frank Martire, FIS president and CEO.
FIS (Fidelity national information services)states that, after this acquisition, clients of both companies will be able to leverage products and solutions for complex architecture and large scale transformation.
Rob Heyvaert, Capco’s founder and CEO remarked that, “Combining Capco’s collaborative consulting services with FIS’s industry leading core banking and payments solution suite will enable both organisations to better leverage our individual strengths while providing our respective clients with a unique blend of market expertise, technology solutions and strategic support.”
Heyvaert, who becomes a corporate executive vice president of FIS, will continue to lead Capco and report to Martire. Capco will retain its distinctive brand identity and the existing management team remains unchanged.
Capco’s current majority shareholder, Palo Alto-based private equity firm Symphony Technology Group (STG), will not retain any equity or interest in the combined entity on completion of the transaction, as informed by the company.
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