Fiserv Acquires CardFree to Enhance Clover Point-of-Sale System

Fiserv Inc. (NYSE:FI) is one of the best IT stocks to invest in according to hedge funds. On September 8, Fiserv announced the acquisition of CardFree, which is a platform that provides customized order, payment, and loyalty solutions for merchants. The financial terms of the deal were not disclosed.

The acquisition is expected to enhance the functionality of Clover, Fiserv’s point-of-sale system, particularly for small businesses as they grow into larger enterprises with more complex technical needs. CardFree’s patented technology, created by the team behind the original mobile apps for Starbucks and Dunkin’, is compatible with most point-of-sale systems and payment processors.

Its integration into the Clover and Commerce Hub ecosystems will add new features, including drive-through software, kiosk and sub-inventory management, and enhanced third-party integrations for loyalty programs and delivery services.

Fiserv Inc. (NYSE:FI) provides payments and financial services technology solutions. It operates through the Merchant Solutions and Financial Solutions segments.

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Disclosure: None. This article is originally published at Insider Monkey.