JACKSONVILLE, Fla.--(BUSINESS WIRE)--FIS™ (NYSE:FIS), the world’s largest provider of banking and payments technology, outsourcing and consulting solutions, today announced that it has completed its acquisition of Reliance Financial Corporation, including its subsidiaries Reliance Trust Company, Reliance Trust Company of Delaware and Reliance Integrated Solutions LLC.
Acquired by FIS subsidiary FIS Wealth Management Services, Inc., the transaction creates a full-service wealth management and retirement offering encompassing technology, selective operational functions, full back-office operations outsourcing, and retirement trust and fiduciary services.
“The market continues to demand a full-service trust operations BPO solution and this acquisition demonstrates FIS’ commitment to meeting that need,” said Anthony Jabbour, executive vice president, FIS North America. “The combination of the two companies enables FIS to more quickly expand FIS’ capabilities in the retirement and trust markets, and create new efficiencies for our clients through additional BPO offerings – giving FIS the most flexible outsourcing solution set in the trust, wealth management and retirement industry.”
FIS is the world's largest provider of banking and payments technology, outsourcing and consulting solutions. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 110 countries. Headquartered in Jacksonville, Fla., FIS employs more than 39,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 434 on the Fortune 500 and is a member of Standard & Poor's 500® Index. For more information about FIS, visit www.fisglobal.com.
This press release may contain statements, estimates or projections that constitute “forward-looking statements” pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from FIS’s historical experience and our present expectations or projections. These risks include, but are not limited to, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products and technology, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, trust company, retail and financial services industries, changes in the growth rates of the markets for our solutions, and other risks detailed in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2013, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FIS undertakes no obligation to publicly update or revise any forward-looking statements.