In the closing days of the year, Fiserv is adding another company to its enterprise. Ondot becomes its latest acquisition in a year that has seen Fiserv buy merchant services vendor, MerchantPro Express, and also Bypass, an ISV with a POS tech platform found in many sports and entertainment venues.
Ondot brings to Fiserv a digital card management solution that includes card issuance, controls, and transactional data information. 2020 has seen M&A action in omnichannel, POS, and mobile applications. (In another just announced deal, GoDaddy is buying POS tech company Poynt). Expect to see more ISVs and tech developers as sought-after companies in 2021.
The following excerpt from a Business Wire article reports more on the topic:
Fiserv, Inc., a leading global provider of financial services technology solutions, today announced that it has signed a definitive agreement to acquire Ondot Systems, Inc., a leading digital experience platform for financial institutions. The transaction will further expand Fiserv digital capabilities, enhancing its suite of integrated solutions to enable clients of all sizes to deliver frictionless, digital-first and personalized experiences to their consumers.
“The importance of digital has accelerated and consumers are increasingly turning to online and mobile banking, as well as contactless payments experiences,” said Frank Bisignano, President and Chief Executive Officer of Fiserv. “By combining Ondot and Fiserv capabilities at scale, we plan to provide our clients with a unified digital experience, spanning card-based payments, digital banking platforms, core banking, and merchant solutions, enabling them to deliver best-in-class solutions that continue to reduce friction for their customers. We look forward to welcoming the talented Ondot team to the Fiserv family as we continue to help our clients deliver innovative ways for their customers to actively manage their financial lives – at the point of thought.”
“The Fiserv aspiration to move money and information in a way that moves the world fully resonates with Ondot’s mission,” said Vaduvur Bharghavan, President and Chief Executive Officer of Ondot Systems. “Joining with Fiserv will provide Ondot the opportunity to innovate and impact the industry on a global scale. We look forward to expanding the scope of our offerings as we integrate with Fiserv’s vast array of capabilities to continue providing high-quality digital solutions to consumers, merchants, acquirers, networks and card issuers.”
Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group