Fidelity buys eFunds for $1.8bn in cash

Fidelity buys eFunds for $1.8bn in cash

BS Reporter / Mumbai June 28, 2007

US-based Fidelity National Information Services (FIS), has acquired eFunds Corporation (EFD) in an all-cash transaction valued at approximately $1.8 billion (around Rs 7,380 crore). Under the terms of the agreement, EFD shareholders will receive $36.50 in cash for each share of common stock.

Both companies have a presence in India. eFunds, headquartered in Gurgaon, New Delhi has close to 4,000 employees in India. It also has a presence in Chennai and Bangalore. Similarly, FIS has had a presence in India since 2003.

In February this year, FIS expanded its offshore presence in India through the acquisition of California-based Second Foundation, a provider of offshore global information technology services. As a result of the acquisition, FIS