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ValueAct Joins Fiserv Board, Interested in Clover

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ValueAct, an activist investor, has gotten a seat on Fiserv’s board because of a settlement with the FinTech and payments firm, Bloomberg reported Wednesday (Feb. 23).

Fiserv said in a statement that it had appointed Dylan Haggart, a ValueAct partner, to its board. He will also be nominated at the company’s next annual general meeting.

ValueAct first disclosed its stake in Fiserv in August. At the time it said it thought the company’s Clover credit card processing business could be worth $185 billion by 2024.

Shares of Fiserv were down 1% in trading Wednesday.

In a letter, ValueAct said that while Clover competitor Square invented the cloud-based, point-of-sale (POS) tech that Clover uses, Clover is the leader of that now.

This, according to Bloomberg, is because Clover has tapped into the Fiserv customer base and existing distribution channels. The company has now annual transactions of around $185 billion — 20% more than Square, and $1.5 billion in yearly revenue.

“Fiserv’s opportunity is relatively straightforward: develop great products that match the…

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