Specialty Insurance to Be Acquired by Data Giant Fiserv

Specialty Insurance Service, a developer and marketer of computer software for the property and casualty insurance industry, said Tuesday it has signed an agreement to be acquired by data processing giant Fiserv Inc.

Terms of the deal were not disclosed. Fiserv, based in Brookfield, Wis., supplies data processing and check processing services for more than 7,000 savings and loans, banks and credit unions throughout the world.

The acquisition will provide Specialty Insurance Service with cash to finance an aggressive expansion, SIS President Steve Abbott said.

A Fiserv spokesman said SIS intends to double its payroll and triple its annual revenue by the end of next year. The company now has 30 employees in offices in Orange, Atlanta and Dallas.

Fiserv, with annual revenue of nearly $1 billion, broke into the insurance services field several months ago with the acquisition of Network Data Processing Corp. in Iowa.

It is pursuing other acquisitions in the field, said Chairman George D. Dalton, to provide its financial industry clients “a full range of technology resources, including services for insurance processing.”