Fiserv to buy Ondot Systems to expand digital-first products

• Fiserv (NASDAQ:FISV) agrees to acquire Ondot Systems to expand its suite of products to enable clients to deliver digital-first and personalized experiences to their customers.
• The acquisition comes as consumers and businesses continue to embrace online and digital payment technology, a trend that's only been accelerated by the pandemic.
• Financial terms of the transaction weren't disclosed. The deal is expected to close in Q1 2021.
• Founded in 2011, Ondot processes more than 1B transactions per month and provides digital capabilities for over 30M cards.
• Fiserv said it plans to further develop the Ondot platform’s interplay between real-time authorization, user context, and artificial intelligence to engage users in-the-moment – before, during and after transactions.
• See Fiserv's cash acquisitions over the past 10 years:
• "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," said Fiserv President and CEO Frank Bisignano.
• Fiserv ranks in Evercore ISI's list of five top 2021 payment stocks and was also named best long idea at Hedgeye.