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US financial services technology giant, Fiserv Inc., news
21 December 2005

Mumbai: Fiserv Inc (2004 revenues: $3.4 billion in processing and services fees; market cap:$8 billion), a leading global information technology solution provider to the financial services industries today announced its entry in India. The Indian subsidiary, Fiserv India Private Limited (Fiserv India), will be part of Fiserv Global Services (FGS) group.

Fiserv (Nasdaq: FISV) had recently announced the formation of this new operating group to accelerate the globalisation of its operations. Along with the formation of FGS, Fiserv recruited Dr Arun K Maheshwari, a pioneer in the Indian IT industry, as president of the FGS group.

Fiserv India will serve its parent company and its 16,000 customers, as well as market Fiserv products and services in India. Fiserv will begin operation in NOIDA in a 100,000+ square feet leased facility.

Dr Maheshwari until recently was the managing director and CEO of CSC India, a company he founded in 1996, with a staff of over 4,000 employees. Speaking about his joining Fiserv, Dr. Arun Maheshwari said, "What attracted me to Fiserv was its entrepreneurial culture and commitment to globalisation. We see many opportunities for Fiserv India - replace third party Indian vendors currently used by Fiserv, provide offshoring services to Fiserv customers who are currently buying this service from other vendors, and exploit the opportunities created by a rapidly growing Indian economy by selling Fiserv's banking, insurance, healthcare, mortgage and investor products and solutions in the Indian market.

"To build our capabilities, we will grow our business both organically and through acquisitions - similar to how Fiserv has built its business since it was founded more than 21 years ago," he added.


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US financial services technology giant, Fiserv Inc.,