Finance History | Fiserv — Two Regional Processors, One Milwaukee Book
· 1984-7
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Finance History | Fiserv — Two Regional Processors, One Milwaukee Book
kevin
People treat Fiserv as a Brookfield payments campus that always owned First Data.
The first company was two bank back-offices taped together.
On 31 July 1984 George Dalton and Leslie Muma bought out the data-processing subsidiaries they already ran — First Data Processing in Milwaukee and Sunshine State Systems in Tampa — and named the combination Fiserv.
The Milwaukee shop dated to 1964; the Tampa shop to 1971.
Together they served more than one hundred small banks and thrifts and booked about $21 million in 1984 revenue with roughly 350 staff.
Venture backers took 89 percent of the equity to fund the buyouts.
The firm listed on Nasdaq on 25 September 1986.
The growth engine was acquisition: sixteen firms by 1989, then Citicorp Information Resources, CheckFree in 2007, and First Data in a 2019 stock deal that moved the ticker toward a national merchant-acquiring book.
Headquarters remain in the Milwaukee area.
The mechanism Dalton and Muma sold in 1984 is still the one on the 10-K: take the core processing a community bank cannot run alone, and own the rails the bank's customer never sees.
Photo: Milwaukee from the public riverfront, via Wikimedia Commons.
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