Fiserv Acquires MI-Assistant Software

Brookfield, Wis.-based insurance software-maker Fiserv Inc. has acquired MI-Assistant Software Inc. — a rating and automation product provider to insurance agents and companies in the Midwest — as part of its plan to increase its presence in the insurance rating business.

The acquisition will add approximately $6 million in annualized processing and services revenues. The purchase price was not disclosed.

Leslie M. Muma, Fiserv President and Chief Executive Officer, said the acquisition is one component in the company’s strategy to gain a nationwide presence in the insurance rating industry.

MI-Assistant, located in Eleva, Wis., employs 75 people and provides rating and automation solutions to insurance agents and companies in Wisconsin, Minnesota, Iowa and Illinois. MI-Assistant will operate as a division of Fiserv FSC, an organization that holds a dominant position in the insurance rating business in California and Arizona.

Robert Meyerson, President of Fiserv FSC, said the acquisition allows Fiserv FSC to significantly expand its client base while allowing Fiserv FSC and MI-Assistant to gain technological synergies.

Fiserv said it provides industry leading information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 14,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions.

Fiserv reported $2.3 billion in processing and services revenues for 2002.

Topics Mergers & Acquisitions Michigan