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07 June 2010 ,
Written by Dhruv Tanwar
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Fiserv, Inc. has acquired AdviceAmerica, a provider of integrated advisor solutions to financial institutions and independent advisors, aiming to make it a part of its Investment Services unit. Financial terms of the transaction were not disclosed.
Founded in 1999, AdviceAmerica is based in Fremont, California, and has a research and development center in Bangalore, India. AdviceAmerica founder and CEO Purna Pareek and all employees would be part of Fiserv as part of the transaction.
Mike Gianoni, president, Financial Institutions Group, Fiserv said the acquisition advances Fiserv's Investment Services strategy “to be the platform of choice for the wealth management industry." He said the acquisition would extend Fiserv's reach into front-office applications such as financial planning, CRM and proposal tools that support the ever-growing needs of financial advisors and bank trust departments.
Fiserv is looking at the integration of AdviceAmerica's Desktop Advisor platform to be of significant benefit to Fiserv clients and financial advisors. Moreover, AdviceAmerica's front-office tools would enhance the appeal of Fiserv's Investment Services in the growing sponsor, bank wealth management, registered investment advisor, and insurance company channels. |