Fiserv, Inc. (Brookfield, Wisc.), provider of information technology services to the financial industry, has agreed to acquire i_Tech Corporation (Billings, Mt.), a provider of outsourced account and payment processing services, from First Interstate BancSystem Inc. (Billings, Mt.). The purchase price is $40 million, and the deal is expected to close on December 31, 2008.
I_Tech provides outsourced account processing services as a licensee and reseller of the Fiserv ITI Premier core banking system to financial institutions located primarily in the northern Midwest and West. In addition to account processing services, i_Tech provides its clients with a variety of complementary services including EFT processing and check processing.