On Friday, Fiserv revealed that it had agreed to obtain a full ownership of Merchant AIB (AIBMS) services, and to buy a 49.9 % stake in the joint project that it formed with the AIB group in 2007.
The financial conditions of the deal have not been revealed.
This step will witness that Fiserv, a payment provider of payments and financial services technology, will take full control of one of the largest payment solutions in Ireland and one of the leading e -commerce in Europe.
The deal is expected to be closed in the third quarter.
“We enjoyed a strong partnership with the AIB group, as we grew together in a senior entitled in Europe,” said Katia Carbova, President of Europe, the Middle East and Africa at Fiserv.
“Our focus will be on providing leading solutions in the market to customers of all sizes throughout Ireland and the broader European market.”
Despite the change in ownership, AIB will continue to work exclusively with AIBMS and Fiserv, indicating customers looking for merchant access services.
“We believe that Fiserv has the commitment, experience and innovative technical solutions to AIBMS and that our customers will remain in good services under their only ownership,” commented AIB CEO Colin Hunt.
Fiserv also highlighted plans to accelerate the growth of Clover, the sales point management and smart business platform throughout Ireland and Europe as part of the acquisition strategy.