fis company

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      Fidelity National Information Services, Inc. (FIS) is an American multinational corporation which offers a wide range of financial products and services. FIS is most known for its development of Financial Technology, or FinTech, and as of Q2 2024 it offers its solutions in two primary segments: Banking Solutions & Capital Market Solutions. Annually, FIS facilitates the movement of roughly $9 trillion through the processing of approximately 75 billion transactions in service to more than 20,000 clients around the globe.
      FIS was ranked second in the FinTech Forward 2016 rankings. After acquiring Worldpay for $35 billion in Q3 of 2019, FIS became the largest processing and payments company in the world.


      History


      The company was founded in Little Rock in 1968 as Systematics, which was later acquired by ALLTEL Information Services as its Financial Services division.
      Alltell then sold this division to title insurance giant Fidelity National Financial in 2003, who renamed it Fidelity Information Services (FIS).


      Operations


      FIS has a portfolio of products for the financial services sector, including both retail and investment banking. They include "Profile"―a banking application based on the open source GT.M, a transaction processing database engine maintained by FIS.


      Mergers, acquisitions and divestments


      Throughout its history, FIS has made many acquisitions. Its largest to date would have been estimated around US$70 billion, but which fell through in December 2020.

      Alltel Information Services, $1.05 billion (2003)
      WebTone Technologies (2003)
      Sanchez Computer Associates, $175 million (2004)
      Aurum Technology (2004)
      BankWare (2004)
      InterCept (2004)
      Kordoba GmbH & Co, $163.2 million (2004)
      Merger with Certegy Inc., $1.8 billion (2006)
      eFunds Corporation (EFD)
      Metavante Corporation, $2.94 billion in stock (2009)
      Compliance Coach, Inc, 2010
      Capco, $292 million (2010) In May 2017 FIS sold a 60% stake in Capco to CD&R funds for $477 million.
      Pronet Solutions, $24 million (2012)
      TDWI (Toronto Dominion Wealth Institutional) – now re-branded as Platform Securities (2013)
      mFoundry, $120 million (2013)
      CMSI (2014)
      Reliance Trust Company (2014) $110 million
      Clear2Pay (2014) $480 million
      SunGard (2015) $9.1 billion
      Worldpay, Inc. (2019) $43 billion
      Virtus Partners (2020)
      Payrix (2022)
      Bond Financial Technologies (2023)
      Torstone Technology (2024)
      Dragonfly Financial Technologies (2024)
      Demica (2024)


      = Divestments

      =
      In February 2023, in the wake of pressure from activist investors, the company announced it would spin off its merchant business that consisted of Worldpay in the next 12 months. In July 2023, FIS agreed to sell a 55 percent stake in Worldpay to private equity firm GTCR for $11.7 billion, valuing WorldPay at $18.5 billion. On February 1, 2024, the company announced it had competed the sale of a majority stake in its Worldpay Merchant Solutions business to GTCR in a transaction that valued the deal at US$18.5 billion, including US$1 billion contingent on returns realized by GTCR. FIS will maintain commercial agreements with Worldpay and will create a joint strategic go-to-market partnership between the two entities.


      Finances


      A 50% year-over-year increase in quarterly revenue was reported in FIS' Q1 2020 earnings report, climbing from $2.07 billion to $3.01 billion, while adjusted net earnings more than doubled (+112%) from $378 million to $802 million. According to FIS Q1 2020 earnings report, a majority of these substantial increases can be attributed to the historically massive $35 billion merger/acquisition deal with Worldpay, Inc. which closed in Q3 2019.
      For the fiscal year 2017, FIS reported earnings of US$1.319 billion, with an annual revenue of US$9.123 billion, a decrease of 1.3% over the previous fiscal cycle. FIS shares traded at over $106 per share, and its market capitalization was valued at over US$33 billion in November 2018.


      Controversies


      On July 3, 2007, Certegy Check Services, part of FIS, announced that a worker at one of its subsidiaries stole 2.3 million consumer records containing credit card, bank account, and other personal information. This estimate was later increased to 8.5 million consumer records. The next month, a law firm filed a class-action lawsuit against CCS and parent company FIS based on the privacy breach; the firm claims that, since CCS provides check-verification services to many major U.S. stores, "consumers do not choose to use the services of these companies but rather are forced to do so".
      In August 2011, Florida based eFunds Prepaid Solutions, part of FIS, was the victim of a sophisticated cyberattack that saw hackers steal $13 million from ATMs using 22 stolen prepaid cards belonging to a single client of FIS.
      On January 16-17, 2025, FIS reported a power outage causing technical issues at a large number of banks, including Capital One. Depositors report not being able to access online or mobile banking or not having accurate current data.


      References




      External links


      Official website
      Business data for Fidelity National Information Services, Inc.:

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    Fidelity Information Services - FIS - Fintech Company

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    Apply for Information Technology jobs at FIS Global. Browse our opportunities and apply today to a FIS Global Information Technology position.