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by CareyBot

Fidelity National Information Services Inc. says it has agreed to buy EFD/eFunds Corp. for $1.8 billion -- the second acquisition announced by the company this week. FIS, which provides processing, information services and outsourcing for financial institutions, mortgage lenders and retailers, said it will finance the acquisition of EFD with cash on hand and long-term debt. EFD, which provides risk management, electronic fund transfers, prepaid card processing and global outsourcing for financial services companies in more than 80 countries, generated $552 million in revenue in 2006. EFD also provides point-of-sale fraud prevention to retailers and electronic benefits processing services to government entities. FIS said the acquisition will produce $65 million in annual cost savings, whic...