Industry News

Fidelity expands European presence

Acquires majority stake in German business

Fidelity National Financial has signed a definitive agreement to acquire a 74.9 percent interest in Kordoba GmbH & Co. KG, a provider of core processing software and outsourcing solutions to the German banking market, Fidelity announced today. Fidelity is acquiring the majority stake from Siemens Business Services GmbH & Co. OHG, which will retain a 25.1 percent ownership position in Kordoba. The transaction, subject to customary closing conditions, is expected to close by Sept. 30. Formed in 1979 and established as separate legal entity by its founder Siemens Business Services in 1998, Kordoba is an information technology solutions provider for the financial services industry, with a focus on services and solutions for the banking market. It provides both outsourced and in-house core banking solutions to German savings and commercial banks, including core transaction processing, ATM network solutions, accounting and reporting solutions and a securities processing system. "Kordoba...