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4 Feb 2022 Assurance * Metaverse: 5 questions shaping the next frontier of human experience 14 Feb 2022 Digital * The CEO Imperative: How mastering ecosystems transforms performance 24 Jan 2022 Alliances Welcome to EY Global (EN) You are visiting EY Global (EN) HOW CAN YOUR DIGITAL INVESTMENT STRATEGY REACH HIGHER RETURNS? Play video Accelerating digital transformation How can your digital investment strategy reach higher returns? The Digital Investment Index reveals companies are doubling down on tech investments but struggle to clearly define their digital strategy. FEATURED INSIGHTS We're asking #BetterQuestions Swipe to discover FUTURE CONSUMER INDEX: PEOPLE ARE RECONNECTING WITH THEIR DEEPER VALUES Read more Close card HOW WILL YOU REFRAME THE FUTURE OF ADVICE IF TODAY’S CLIENT IS CHANGING? Read more Close card THE CEO IMPERATIVE: HOW MASTERING ECOSYSTEMS TRANSFORMS PERFORMANCE Read more Close card IF CLIMATE CHANGE IS EVERYBODY’S BUSINESS, HOW CAN ALL BENEFIT FROM GREEN LEADERSHIP BY THE FEW? Read more Close card WHAT TO DO IN 2022 Read more Close card 2022 GLOBAL INSURANCE OUTLOOK: GROWING WITH PEOPLE, PURPOSE AND TECH Read more Close card WHEN POLITICAL DISRUPTION SURROUNDS YOU, WHAT’S YOUR NEXT STRATEGIC MOVE? Read more Close card IS YOUR ESG DATA UNLOCKING LONG-TERM VALUE? Read more Close card THE COO IMPERATIVE: ARE YOU READY TO REFRAME OPERATIONS FOR RESILIENCE AND SUSTAINABILITY? Read more Close card HOW CAN FS FIRMS TURN CARBON AMBITION INTO REAL-WORLD ACTION? Read more Close card CYBERSECURITY: HOW DO YOU RISE ABOVE THE WAVES OF A PERFECT STORM? Read more Close card THE BOARD IMPERATIVE: IS NOW THE TIME TO REFRAME RISK AS OPPORTUNITY? Read more Close card THE CEO IMPERATIVE: REBOUND TO MORE SUSTAINABLE GROWTH Read more Close card THE CEO IMPERATIVE: MAKE SUSTAINABILITY ACCESSIBLE TO THE CONSUMER Read more Close card THE GENERAL COUNSEL IMPERATIVE: HOW CAN YOU EVOLVE ENTITY MANAGEMENT INTO EFFECTIVE GOVERNANCE? Read more Close card View more stories EY WORK IN RUSSIA As the shocking and abhorrent war in Ukraine continues to escalate, our priority continues to be the safety of our people in Ukraine, Eastern Europe and across the region, and actively supporting those impacted. Read statement STRATEGY, TRANSACTIONS AND TRANSFORMATION EY can help you realize your ambitions by offering a radically different approach to connecting strategy, transactions, transformation and technology, where design and delivery inform each other at every step. Explore SUSTAINABILITY EY is committed to making business work for sustainability and sustainability work for business. We can help you create new value from the innovation opportunity of our lifetime. Explore Case Study The better the question The better the answer The better the world works Case Study CASE STUDY: HOW SMART TECHNOLOGY HELPED FISERV ACCELERATE M&A STRATEGY MULTI-BILLION-DOLLAR MERGERS ARE FRAUGHT WITH COMPLEXITY, BUT SMART DIGITAL PLATFORMS CAN ACCELERATE YOUR DEAL STRATEGY FROM DESIGN TO DELIVERY. Case Study The better the question The better the answer The better the world works Case Study HOW DO YOU MERGE TWO FINANCIAL SERVICES PLAYERS? MARKET CONSOLIDATION BRINGS SCALE AND INNOVATION BY STREAMLINING ONLINE PAYMENTS. HOW EY CAN HELP MERGERS AND ACQUISITIONS INTEGRATION SERVICES We work with clients to integrate acquired assets and prevent value erosion, help accelerate synergy realization, and minimize transaction risk. Read more Read more Fintech companies specializing in online payment solutions have been essential support for banks, credit unions and businesses. But, they have tended to build dominance in one link of the financial payment transaction chain. Until a year ago, First Data, a global merchant acquiror, was operating in some 100 countries, providing point-of-sale and online payment solutions for large and small businesses. Fiserv was one of the leading US account processors for banks, with over 37% of US market share in the years prior to the merger.1 With combined revenues of US$13 billion, these companies had grown both organically and through acquisitions to develop their offerings across the payment processing chain. They’d built up capabilities in risk management and credit and debt issuing. The question was, could they be brought together to unlock additional value, provide a better service to customers and accelerate their growth as an integrated asset? The leaders of both Fiserv and First Data were convinced that their companies would be stronger together, by providing their clients with a holistic payment solution. The underlying logic for the deal — a set of complementary capabilities and complementary clients — was compelling on paper. But grafting together two complex businesses in US$40 billion enterprise value acquisition with over 45,000 employees is a notoriously difficult undertaking. In addition to this, Fiserv made an external commitment to achieve US$900 million in cost synergies and $500 million in revenue synergies within the first five years following the close of the transaction. The achievement of these synergies would be integral to the success of the deal, as the company announced it would invest an additional US$500 million in an ambitious growth and innovation agenda. The leadership and enablement of the synergy program largely fell upon Fiserv’s finance organization, who was charged with spearheading this effort. Documenting and rolling up dozens upon dozens of cost and revenue synergy initiatives into a structured, repeatable monthly rhythm, where progress could be tracked and measured, was no easy task. Chris Dichiara, Vice President and Head of Financial Planning and Analysis for Fiserv, was asked to lead this program for the company. So, how could these two companies leverage technology to realize the financial benefits and joint vision of this transformational merger? Case Study The better the question The better the answer The better the world works Case Study A SINGLE GOAL, ENABLED BY AN ADVANCED DIGITAL PLATFORM CONSOLIDATING MULTIPLE DATA-POINTS WOULD HAVE TAKEN YEARS WITHOUT EY CAPITAL EDGE. HOW EY CAN HELP M&A TOOLS: CONNECTED CAPITAL TECHNOLOGIES EY teams offer a suite of M&A technologies designed to bring deeper analysis and faster insights throughout the transaction lifecycle. Read more “Early on in the merger, I tried to use Excel,” recalls Chris Dichiara. “But piecing together hundreds of Excel files, figuring out what was happening in each of the hundreds of initiatives, getting visibility over the process — workstreams, financial data, roadmaps, milestones — it didn’t work out so well.” The EY team who led the post-merger integration recommended their end-to-end digital platform, EY Capital Edge, to bring all this complexity into a streamlined solution. Fiserv was able to fully tailor the EY Capital Edge tool to best meet their needs. The tool provided a monthly package which provided all the reporting and insights necessary to keep the new organization on track to meet their synergy targets and execute upon the overall M&A strategy. The platform kept everyone — from the individual initiative owners to the Fiserv executive leadership team — aligned, provided instant visibility across the whole process, and ensured everyone was talking from the same numbers: it brought efficiency to chaos. “EY Capital Edge was fluid, flexible, cloud-based and easy-to-access,” says Dichiara. “Bringing in EY and EY Capital Edge to help organize the process really accelerated the deal. We’ve got over 100 people on the platform today: all our teams use it. I see the same data being used in one of our business units as in Corporate where I sit.” A merger of this size encompassing hundreds of solutions, millions of clients and billions of data points, requires “an entire organizational effort,” says Dichiara. The EY team were “there the next week,” putting together the process, instituting controls, and “being innovative in the way they were thinking,” he says. “They built connections internally with us and were extremely flexible…helping us take the Capital Edge tool and really integrate it into our existing financial planning and budgeting processes.” The EY organization did more than provide a flexible digital solution: they got under the skin of the company, bringing a broad range of experience in where it was needed, helping deliver on the strategy. Critical to Dichiara personally was having absolute confidence in the financials. “We had no room for error,” he says, “and using EY Capital Edge… gave me 100% comfort in signing off on the numbers.” The newly combined company, now called Fiserv, is already outperforming its initial targets. Within 8 months following deal close, the US$900 million cost synergy target was increased to US$1.2 billion and on the revenue side, “we’ve already upped that target to US$600 million,” says Dichiara. With the help of EY Capital Edge, Fiserv is well on its way to achieving all its external commitments and most importantly, as Dichiara reflects, “the integration has come together in a way that we're that we're winning in [our] clients’ offices.” The merged Fiserv is efficiently cross-selling capabilities to its clients, providing a seamless, globally-integrated payment solution that is delivering additional value to its customers. Case Study The better the question The better the answer The better the world works Case Study A HOLISTIC PAYMENT SOLUTION, BACKED BY A SINGLE TECHNOLOGY PLATFORM EY CAPITAL EDGE HELPED ACCELERATE THIS MERGER AND IT CONTINUES TO SUPPORT THE STRATEGY HOW EY CAN HELP DIGITAL M&A FRAMEWORK From portfolio transformation, mergers and acquisitions (M&A), JVs and alliances to divestments, we help you determine the right strategic course to a digital future and create better value for your businesses. This can be done by implementing our M&A framework. Read more Chris Dichiara is clear that EY Capital Edge accelerated and simplified the process of the merger between First Data and Fiserv: it was “certainly instrumental in helping us execute on the deal.” But even after the deal was done, the tool is an invaluable aid to running the new enterprise. “We took our financial hierarchies, our business structures, our functional structures, and put them into the tool,” he says. “We linked it in with our ERP system and ..., eighteen months after the deal, our execution plans are kind of just working. It's embedded within everything we do, from a finance side but also a business side and it really has become part of the financial architecture of the company.” > EY Capital Edge was fluid, flexible, cloud-based and easy-to-access. Bringing > in EY teams and EY Capital Edge to help organize the process really > accelerated the deal. Chris Dichiara Vice President and Head of Financial Planning and Analysis, Fiserv A leading platform that can flex to accommodate a company’s financial, business and ERP structures and systems can continue to provide value post-merger, not just for the company, but for their clients too. The story starts with a bold strategy, but it comes alive through successful execution. * SHOW ARTICLE REFERENCES 1. Statista (subscription required), https://www.statista.com/statistics/612431/bank-core-processor-companies-usa-by-market-share/, accessed June 2021. RELATED ARTICLES CASE STUDY: HOW A NORDIC SAAS PLAYER UNLOCKED POTENTIAL IN A GLOBAL LOCKDOWN A bold strategy and deep, multi-disciplined M&A experience turned “it can’t be done” into a sale that facilitated outstanding outcomes. 19 Apr 2021 Eric Sanschagrin WILL COVID-19 TURBO-CHARGE M&A AND TRANSFORMATION? C-suites reframe corporate strategies and plan to invest their way out of the crisis. 3 Feb 2021 Andrea Guerzoni HOW A DIGITAL FOUNDATION IS SETTING THE EDGE FOR NEW MARKET LEADERS Companies that establish these technology and data models are driving value extraordinarily fast. 23 Mar 2021 Mazen Baroudi Show more Show less Show more Previous 1 Next CONTACT US Like what you’ve seen? Get in touch to learn more. email Close See more case studies DIRECT TO YOUR INBOX Stay up to date with our Editor's Picks newsletter. Subscribe FEATURED PRESS RELEASES GLOBAL IPO MARKET EXPERIENCES SIGNIFICANT SLOWDOWN IN Q1 2022 LONDON, 31 March 2022. After record-high levels of global IPO activity in 2021, volatile market conditions have resulted in a significant slowdown during the first quarter of 2022. 31 Mar 2022 London GB HFS RESEARCH RANKS EY AS NO. 1 INSURANCE SERVICE PROVIDER LONDON, 25 March 2022. EY today announces it has been ranked number one in HFS Research’s Top 10 Insurance Services Report, recognized for a future-ready vision and deep capabilities across a wide range of consulting services. 25 Mar 2022 London GB MORE PRESS RELEASES EY ANNOUNCES GLOBAL ALLIANCE WITH INFOSYS TO HELP ORGANIZATIONS ACCELER… LONDON, 24 March 2022. EY today announces a new global alliance with Infosys, a global leader in next-generation digital services and consulting, to support organizations in their end-to-end business transformation and growth. 24 Mar 2022 EY FUTURE CONSUMER INDEX: GROWING ECONOMIC UNCERTAINTY AND RISING COST… LONDON, 17 MARCH 2022. The glimmer of hope for a move to a more positive post-pandemic world for consumers has been hit with growing economic uncertainties in the past few months, diminishing consumer confidence once again, according to the latest EY Future Consumer Index. 17 Mar 2022 EY AND MICROSOFT ANNOUNCE COLLABORATION TO HELP BUSINESSES USE T… LONDON, 10 MARCH 2022. EY and Microsoft today announced a new initiative to help businesses around the world use technology to tackle a range of increasingly complex challenges faced by legal and compliance teams. 10 Mar 2022 Visit the newsroom Feed Join EY in conversation * EY @EYnews 7h Follow As a business leader, how do you respond to disruption? Identifying disruptive forces that have the potential to s… https://t.co/aW9bkRd5rV * Reply * Retweet * Favorite Share your views ON THE AGENDA (9) SUSTAINABILITY Featured: If climate change is everybody’s business, how can all benefit from green leadership by the few? Discover LONG-TERM VALUE Featured: How common metrics can drive long-term value creation Discover DIVERSITY AND INCLUSIVENESS Featured: How can we be inclusive if we don’t include everyone? Discover STRATEGY BY EY-PARTHENON Featured: How can your digital investment strategy reach higher returns? Discover TECHNOLOGY Featured: Metaverse: 5 questions shaping the next frontier of human experience Discover PURPOSE Featured: What to do in 2022 Discover PEOPLE AND WORKFORCE Featured: How can payroll build value in an organization Discover INCLUSIVE GROWTH Featured: If climate change is everybody’s business, how can all benefit from green leadership by the few? Discover ENTREPRENEURSHIP Featured: Three entrepreneurs who are lighting the path toward economic vitality Discover DISCOVER MORE EY search Popular quick links Careers Technology Tax COVID-19 Audit Strategy Consulting Megatrends Sustainability Next Insights Connect with us Our locations My EY Site map Legal and privacy EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Facebook LinkedIn Twitter YouTube EY | Assurance | Consulting | Strategy and Transactions | Tax About EY EY is a global leader in assurance, consulting, strategy and transactions, and tax services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. © 2020 EYGM Limited. All Rights Reserved. EYG/OC/FEA no. ED MMYY This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. 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