Yahoo Finance Fiserv (FISV) Announces Acquisition of Pineapple Payments
Fiserv, Inc. FISV announced yesterday that it has agreed to acquire its key distribution partner and Pennsylvania-based payments technology company, Pineapple Payments.
The deal, subject to customary approvals and closing conditions, is anticipated to close in the second quarter of this year. Financial terms have been kept under wraps.
Established in 2016, Pineapple Payments is a provider of payment processing, proprietary technology and omni-channel payment acceptance solutions to small and medium businesses, and integrated software vendors. At present, it serves more than 25,000 merchants.
How Will Fiserv Benefit?
The buyout places Fiserv in a position to expand the reach of its payments solutions, especially Clover and Clover Connect, through Pineapple Payments’ technology- and relationship-led distribution channels.
Frank Bisignano, president and chief executive officer of Fiserv, said, “With Pineapple Payments already operating as a key distribution partner of Fiserv, we expect to accelerate the delivery of new and innovative capabilities to a host of new merchant clients.”
Notably, Fiserv’s shares have charted a solid trajectory in recent times, appreciating 18.2% over the past six months, ahead of the 5% rise of the industry it belongs to and 16.8% rally of the Zacks S&P 500 composite.
Zacks Rank and Stocks to Consider
Fiserv currently carries a Zacks Rank #3 (Hold).
Some better-ranked service stocks are ExlService EXLS, Gartner IT and Blucora BCOR, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term expected earnings per share (three to five years) growth rate for ExlService, Gartner and Blucora is pegged at 9.4%, 13.5% and 15%, respectively.
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