SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
December 19, 1996
FISERV, INC.
(Exact name of registrant as specified in its charter)
Wisconsin
(State or other jurisdiction of incorporation)
0-14948 39-1506125
(Commission File Number) (IRS Employer Identification No.)
255 FIserv Drive 53045
Brookfield, Wisconsin (Zip code)
(Address of principal
executive offices)
Registrant's telephone number, including area code
(414) 879-5000
<PAGE>
ITEM 7. (C) EXHIBITS.
(1) News release by Fiserv, Inc., dated December 18, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FISERV, INC.
By /S/ EDWARD P. ALBERTS
------------------------
EDWARD P. ALBERTS
Senior Vice President - Finance
Date: December 19, 1996
<PAGE>
For release: December 18, 1996
Fiserv and Canadian Imperial Bank of Commerce Finalize Agreement for
New Items Processing Services Company in Canada
Brookfield, Wisconsin, December 18, 1996--Fiserv, Inc.
(NASDAQ:FISV) and Canadian Imperial Bank of Commerce (CIBC) announced today
that they have finalized their previously announced agreement establishing
a new items processing services company in Canada.
The new company, Intria Items Inc., will be jointly owned by
Fiserv Solutions of Canada Inc. (Fiserv Canada) and Intria Corporation
(Intria), a wholly owned technology subsidiary of CIBC. Specifically,
Fiserv Canada will manage and support all the CIBC item processing and
currency operations centers throughout Canada by directing the required
technology and resources of Intria. Fiserv also will play a significant
role in long-term strategy development and marketing of Intria Items
services.
The new company's focus will be on growing areas of item
processing, including automated teller machine activities, night deposits,
corporate deposits, payment processing, verification and account
maintenance, records management and customer account statements.
According to the agreement, Fiserv will share in the success of
Intria Items through efficiencies and process improvements and as other
entities participate. Initial annualized revenues for Intria Items will be
approximately $112 million (U.S.).
"This agreement is especially significant for Fiserv," said Leslie
M. Muma, Vice Chairman, President and Chief Operating Officer for Fiserv,
Inc. "It marks a new milestone for our growth in both the items business
and in entering new market areas of opportunity. Fiserv Canada and Intria
Items are well positioned to combine the most advanced technologies and
professional resources of the CIBC/Intria organization, along with the
proven performance of Fiserv, to benefit this partnership in Canada. We
look forward to our future together."
It is expected that there will be other partners as well as
clients of Intria Items, including financial institutions, governments and
other organizations benefiting from the advanced infrastructure and support
services provided by Intria Items for processing financial transactions.
The Fiserv Solutions of Canada management team is composed of
former senior CIBC employees.
In conjunction with the agreement, Kenneth Acheson, formerly with
CIBC as Senior Vice President, Processing Operations, has been named
President of Fiserv Solutions of Canada reporting to Norman G. Balthasar,
Group President for Fiserv, Inc.
Burt Napier, CIBC Executive Vice President, Operations and
Technology, will act as Intria's Chief Executive Officer. He will be
supported by Harriet Velazquez, CIBC Vice President, Partnership
Strategies, Office of the EVP Personal & Commercial Bank, as Intria's
acting President.
"With the infrastructure of Intria, Fiserv Solutions of Canada and
Intria Items, we will be able to meet the needs of CIBC and other
institutions who are demanding banking solutions that are better, faster,
more convenient and cost-effective," said Napier. "The expertise of these
professionals who have joined together to deliver these solutions is
unparalleled in our industry. Most notably, the professionalism of the
Fiserv and Intria team will provide CIBC and the clients of Intria Items
with a significant competitive advantage in serving customers. This is,
indeed, a best-in-class initiative."
CIBC is one of North America's largest financial institutions with
more than $199 billion (Canadian) in assets and 41,000 employees offering a
full range of products and services through 1,400 branches and offices
across Canada and around the world.
Fiserv leads the financial industry in maintaining, managing and
supporting item processing centers throughout North America, processing
over 4 billion items annually.
A publicly held company headquartered in Brookfield, Wis., Fiserv,
Inc. (NASDAQ:FISV) is an independent provider of financial data processing
systems and related information management services and products to more
than 5,000 banks, credit unions, mortgage firms and savings institutions
worldwide.
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For more information:
Leslie M. Muma Paul Howard
Vice Chairman, President, COO CIBC
Fiserv, Inc. Toronto
(414) 879-5000 (416) 980-4111
