Wednesday, Jul. 18, 2007, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
BROOKFIELD, Wis. — Fiserv announced it was selected by Business Week magazine as one of The Future of Tech 2007 Information Technology Top 100 Companies.
This is the first time Fiserv has been selected on the Top IT 100 list, ranked at 97, and the only financial services company listed this year, according to executives.
"This is a great honor for us to be singled out in our industry by Business Week as a technology leader. The magazine commends us and the others on the top 100 list for constantly reinventing ourselves, what we produce and how we sell it," explained Norm Balthasar, Fiserv senior executive vice president and chief operating officer.
"Banks and financial institutions require constant innovation and the best possible technology to serve their customers. These rankings show we are providing that and helping our clients achieve best-in-class stature. This is the cornerstone of our Fiserv 2.0 mission we announced last year," he continued.
The magazine cited Fiserv's acquisition of NetEconomy, the global leader in financial crime management and compliance solutions, as one of the reasons why it made the list.
"Fighting financial crime is one of the top concerns for many of our clients. We are looking at acquisitions and organic growth of our products to provide a wide array of solutions and keep them current," added Balthasar.
To compile the information for the Technology 100, Business Week began with financial data from Standard & Poor's Compustat, also a division of The McGraw-Hill Companies, which has computerized information on more than 28,000 publicly traded corporations.
Business Week trimmed these companies down to information-technology companies. Companies had to have revenues of at least $300 million. The remaining group of companies was ranked on four criteria: return on equity, shareholder return and revenue growth (which were given equal weight), and total revenues (which was weighted), officials said. The top 100 companies were then re-ranked as a group.