Brookfield, Wis. (Jan. 21, 2004) -- Fiserv Inc., a provider of information management systems and services to the financial industry, has expanded its offerings for the securities and insurance industries with the acquisition of Morrisville, N.C.-based RegEd Inc.
RegEd Inc., a privately held provider of Internet-based compliance management systems and distance learning programs for the insurance and securities industries, recorded approximately $9 million in revenues in 2003. Fiserv did not disclose a purchase price.
Leslie M. Muma, Fiserv president and chief executive officer, said the acquisition will enable Fiserv to cross-sell RegEd products and services through its client base in the insurance and securities industries. Muma added that the firm “brings a nice base of recurring revenue” to Fiserv’s Insurance Solutions Group.
As part of the acquisition, RegEd will take over the operations of Emerald Learning Solutions, a Fiserv distance learning organization that also serves the insurance and securities industries. All of RegEd’s 75 employees are expected to join Fiserv.
RegEd’s products include an automated audit tracking system, an online annual compliance questionnaire, a customer complaint tracking tool, an advertising review module, and a securities registration and license management tool.
-- WebCPA staff
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