ACI Worldwide To Sell Its Community Financial Services Business To Fiserv

Shares of ACI Worldwide Inc ACIW were trading lower by nearly 1 percent on Thursday after the company announced that it has reached an agreement to sell its Community Financial Services business to Fiserv Inc FISV for $200 million in cash.

ACI Worldwide noted that the sale of its segment is aligned with management's vision to become a leading provider of software products and SaaS-based solutions for large financial institutions and enablers, retailers and billers.

"Exiting the community bank and credit union markets enables ACI to focus resources and energy on our strategic products and new high-growth initiatives," said Phil Heasley, president and CEO, ACI Worldwide. "Today's announcement builds on a series of recent milestones and investments. These include the acquisitions of ReD and PAY.ON, which propelled ACI into a leadership position in the fast-growing eCommerce and retailer omni-channel payments markets; plans to build a new European data center to accommodate increased SaaS payments demand; and the new ACI UP Retail Payments solution unveiled earlier today."

Shares of Fiserv were trading lower by 0.03 percent at $88.92 shortly after Thursday's opening bell.