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Dovetail Has Been Acquired by Fiserv, Inc.

Tuesday, August 22, 2017


William Blair acted as the exclusive financial advisor to Dovetail Group Limited, a leading provider of payment processing software solutions to banks, in connection with its sale to Fiserv, Inc. (NASDAQ: FISV). The transaction signed and closed after the markets closed on August 18, 2017, and was publicly announced on August 21, 2017.

Transaction Highlights

  • Deep financial technology sector expertise: Dovetail and its private majority shareholders and minority investor Kennet Partners were attracted to William Blair's extensive experience in the financial technology, software and IT services sectors, including highly relevant transaction experience in the payments and bank technology sectors and strong relationships with, and proven access to, the most relevant buyers on a global basis.
  • Highly strategic transaction: The acquisition of Dovetail is highly strategic for Fiserv, accelerating its efforts to help financial institutions around the world transform their payments infrastructure to meet the evolving needs of wholesale commercial and retail customers. The Dovetail platform enables digital transformation via smarter, data-driven payment processing that has the flexibility and extensibility required to integrate new capabilities and payment types at the speed of payments evolution.
  • Trusted guidance and counsel: This transaction demonstrates continued successful advisory momentum in the financial technology sector. William Blair’s global transaction team proactively drove each step of the process, including close collaboration with the management in developing marketing materials, counseling shareholders on key transaction tactics, coordinating due diligence with multiple strategic buyers, and negotiating key contract terms, resulting in an exceptional outcome for our client.

About the Companies

Dovetail provides best-in-class payments and liquidity management solutions that enable banks to simplify their infrastructure and deliver effective digital transformation. All solutions, based on a single real-time architecture, are available on premises or in the cloud, scalable up and down, across functional and volume needs and offer unrivalled customer and segment personalization. The choice of solution provides flexibility for a bank in setting the pace of its modernization, addressing point needs, or replacing multiple legacy systems. Leveraging the continuing investment from Dovetail and its world-leading client base, banks can rapidly achieve a measurable return on investment, increase strategic agility and operational excellence, optimize total cost of ownership, and ensure regulatory compliance. The company was founded in 2000 and is based in London and New Jersey.

Fiserv, Inc. (NASDAQ: FISV) is a provider of financial services technology. It provides services and technology to 12,000 clients globally in areas of payments, processing services, risk and compliance, customer and channel management, and insights and optimization. Fiserv is a member of the Fortune 500 and has been named among Fortune magazine’s World’s Most Admired Companies for four consecutive years, ranking first in its category for innovation in 2016 and 2017. Fiserv was founded in 1984 and is based in Brookfield, Wisconsin.

Kennet Partners Limited is a U.K.-based private equity and venture capital firm specializing in the technology sector. The firm invests in enterprise software, information technology services and solutions, communication technologies, and semiconductor products. It typically invests between $10 million and $100 million in companies based in Europe and North America. Kennet Partners Limited was founded in 1997 with an additional office in Menlo Park and Frankfurt.

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