FIS (company)
FIS is an American multinational Fortune 500 corporation which offers a wide range of financial products and services. FIS is most known for its development of Financial Technology, or FinTech, and as of Q2 2020 it offers its solutions in three primary segments: Merchant Solutions, Banking Solutions, and Capital Market Solutions. Annually, FIS facilitates the movement of roughly $9 trillion through the processing of approximately 75 billion transactions in service to more than 20,000 clients around the globe. FIS was ranked second in the FinTech Forward 2016 rankings. After finalizing FIS' most recent deal to acquire Worldpay  for $35 billion in Q3 of 2019, FIS became the largest processing and payments company in the world. Operations. FIS has a portfolio of products for the financial services sector, including both retail and investment banking. They include "Profile" - a banking application based on the open source GT.M, a transaction processing database engine maintained by FIS. Mergers and acquisitions. Throughout its history FIS has made many acquisitions. Its largest to date would have been the reported merger with Global Payments, a deal estimated around US$70 billion, but which fell apart at the last minute in December 2020. However , it is expected to be revisited in 2021. Finances. A 50% year-over-year increase in Quarterly Revenue was reported in FIS' Q1 2020 Earnings Report climbing from $2.07 billion to $3.01 billion, while Adjusted Net Earnings more than doubled (+112%) from $378 Million to $802 Million. According to FIS Q1 2020 Earnings Report, a majority of these substantial increases can be attributed to the historically massive $35 billion merger/acquisition deal with Worldpay Inc. which closed in Q3 2019. For the fiscal year 2017, FIS reported earnings of US$1.319 billion, with an annual  revenue of US$9.123 billion, a decrease of 1.3% over the previous fiscal cycle. FIS shares traded at over $106 per share, and its market capitalization was valued at over US$33 billion in November 2018. Controversies. On July 3, 2007, Certegy Check Services, part of FIS, announced that a worker at one of its subsidiaries stole 2.3 million consumer records containing credit card, bank account, and other personal information. This estimate was later increased to 8.5 million consumer records. The next month, a law firm filed a class-action lawsuit against CCS and parent company FIS based on  the privacy breach; the firm claims that, since CCS provides check-verification services to many major U.S. stores, "consumers do not choose to use the services of these companies but rather are forced to do so". In August 2011, Florida based eFunds Prepaid Solutions, part of FIS, was the victim of a sophisticated cyberattack that saw hackers steal $13 million from ATMs using 22 stolen prepaid cards belonging to a single client of FIS.