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THE CEO IMPERATIVE: HOW WILL THE SHIFTING WORLD ORDER AFFECT YOUR GLOBAL
STRATEGY?

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Geostrategy The CEO Imperative: How will the shifting world order affect your
global strategy?

International business models will persist in the emerging multipolar world, but
they will need to adapt to new geopolitical realities.




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THE CIO IMPERATIVE: IS YOUR TECHNOLOGY MOVING FAST ENOUGH TO REALIZE YOUR
AMBITIONS?

DATA CENTRICITY IS A TOP PRIORITY FOR BUSINESSES. WE IDENTIFY THE POTENTIAL
BENEFITS THIS BRINGS AND STEPS YOU MUST TAKE TO UNLOCK VALUE.



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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 that prevent value erosion,
help accelerate synergy realization and minimize transaction risk.

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.

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.


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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
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