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EFD (or eFunds Corporation) was a Scottsdale, Arizona based payments processor of electronic payments including debit card and automated teller machine (ATM) transactions. It provided financial service companies and other large enterprises with new account decisions, fraud detection and payment processing services. On June 27, 2007, Fidelity National Information Services, Inc. (FIS) announced that it was acquiring EFD in an all-cash transaction valued at about $1.8B. The target completion date for the acquisition was the 3rd quarter of 2007. [1]
| Formerly | eFunds Corporation |
|---|---|
| Company type | Subsidiary (since 2007) |
| Industry | Financial services, electronic funds transfer, retail |
| Founded | 1999 in Minneapolis, Minnesota, USA |
| Defunct | September 12, 2007 |
| Fate | Acquired by FIS |
| Headquarters | Scottsdale, Arizona, USA |
Key people |
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| Products |
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| Revenue |  $552.4 million USD (2006) |
Number of employees | 5,000 |
| Subsidiaries | ChexSystems |
| Website | www |
Company history
editEFD was formed as eFunds Corporation in 1999 as a spin-off from Deluxe Corporation, bringing together established players in financial risk management and electronic transaction processing services; previously distinct businesses within Deluxe.
In January 2000, iDLX Technology Partners, another Deluxe unit, combined with eFunds to add professional services and business process outsourcing capabilities to the new business. In June 2000, eFunds held its initial public offering on the NASDAQ national market and later that year completed its separation from Deluxe.[citation needed]
In March 2007, eFunds Corporation announced its transition to its new corporate brand, EFD.
EFD/eFunds International
editBased primarily in the US, EFD/eFunds International Limited extends EFD's services beyond North America. In India, eFunds employs more than 5,000 employees in its Software Development, BPO and IT services operations in Mumbai, Gurgaon and Chennai. The company has been ranked among the top three BPO providers in the country.[2]
See also
editReferences
edit- ^ "Fidelity National Information Services, Inc. Completes Acquisition of EFD/eFunds Corporation" (Press release). September 12, 2007.
- ^ Chhabra, Mohit (2004-11-08). "DQ-IDC INDIA SURVEY: BPO E-SAT 2004". DataQuest. Archived from the original on 2006-12-23. Retrieved 2006-12-26.