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 is a well-known and respected provider of core banking solutions to the German retail bank market,” said FNF chairman and chief executive officer William P. Foley, II. “This acquisition positions FNF to benefit from the growth opportunity in the German core processing market and provides FNF a significant foundation in this key European economy to assist in the realization of our overall expansion plans throughout Europe.”
FNF is a provider of information-based technology solutions and processing services to financial institutions and the mortgage and financial services industries through its subsidiary Fidelity Information Services. Fidelity Information Services’ software processes nearly 50 percent of all U. S. residential mortgages. FNF is the nation’s largest title insurance company and also provides other real estate-related services such as escrow, default management and property valuations and appraisals.
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