| Background |
| Tom Dackow spent a full career as an industry consultant before he and his wife, Edith, founded Interactive Technologies, Inc. (Interactive), a Summit New Jersey (headquarters) and London England-based company that developed and marketed software to help international and domestic banks, investment management companies, depositories, and exchanges to better manage the complex, customized fee arrangements that are an increasing part of the financial services arena. The company grew rapidly to a point where 60 of the world’s most prestigious financial firms were using the company’s technology. At that point, Tom, 62 years old, and his wife Edith had a company that was worth millions – on paper. But, their ability to enjoy the fruits of this labor were limited, as Tom spent increasing amounts of time guiding the company’s technology, sales and administration.. It was time to begin considering how best to how best to ensure that the company, the customers and the employees that had brought together could be best passed to new owners, while achieving appropriate liquidity for the founders. They engaged M&A to provide strategic and financial advice. |
| Overiew of Transaction |
- On June 13, 2005, Interactive Technologies was acquired by Fiserv, Inc. (NASDAQ: FISV). Fiserv provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. Terms were not disclosed.
- The transaction allowed the owners to begin the process of transitioning their company to new owners, while, at the same time, enabling Fiserv to increase its presence among larger and international commercial banks. Fiserv has brought in a new Chief Operating Officer as part of an agreed three-year transition plan, during which Tom and his full team continue to manage the day-to-day operations of the business.
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| M&A Role |
- M&A was the exclusive strategic and financial advisor to Interactive Technologies.
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Press Release |
