So basically, Bridgeport Partners owns CSI, which competes with Fiserv, and now they’re being brought in to run parts of our business — are things really that bad?
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Bridgeport Partners is Frank Martire Jr's VC firm. Ran by his son. But Frank Jr is the guy. He was head of Citicorp Information Service when Fiserv acquired it in the early 90s. He ran that division for Fiserv which was the Comprehensive Banking System core (now Signature) until he was forced out in the late 90s. A few years later, he resurfaced at M&I Data Systems, later renamed Metavante. Which was acquired by FIS. He rose through the ranks at FIS eventually becoming Chairman of the Board until he retired. He also was Chairman of the Board at NCR, left before it was split in two different firms. I'm sure there is a strategic component to this venture. Like, taking these services to the ever expanding CSI base (thanks to Fiserv run-off). CSI is attempting to go upmarket and sell into larger banks. That is Frank's background. He never worked in the smaller community bank space. Is he going to peel off more from Fiserv?
Not true they are only taking over managed services atm side , nothing to do with the BAU side of ATMs witch is a much bigger portion of the atm business for Fiserv
Yes Fiserv is a dumpster fire.