Fiserv to Acquire Sedona Customer Base
The deal follows an announcement last week that Sedona might file for Chapter 11 bankruptcy protection if it did not receive more funding. After new financing fell through, Sedona, King of Prussia, PA, asked employees to take a leave without pay until Dec. 2. The company reported a loss of $4.4 million for the first nine months of 2002. Sales were $2 million.
Sedona's software and services allow small and mid-sized financial services businesses such as community banks, credit unions, insurance companies and brokerage firms to find and retain loyal and profitable customers. Its flagship CRM solution is called Intarsia.
"This is a win-win-win situation," said Marco Emrich, president/CEO, Sedona. "For existing Sedona customers, Fiserv has vast resources to support the Intarsia client base and grow the product line. Fiserv gains the relationships and experience of Sedona's client base, which enhances their CRM solution capabilities. Lastly, for Sedona, this will allow us to focus on our multiple channel strategy as well as expand into new vertical markets."
Fiserv Inc. provides data processing and information management systems to the financial services business. Another Fiserv subsidiary, Fiserv CBS Worldwide, in September announced plans to incorporate Sedona's technology into its DecisionHouse software.