BMS Processing, Inc. of Randolph, Massachusetts has been acquired by Fiserv, Inc. of Milwaukee, Wisconsin. In addition, BMS On-Line, Inc., a sister company, has sold a minority interest to Fiserv. Both BMS Processing and BMS On-Line were represented by Bicknell Advisory Services, Inc. (B.A.S.). B.A.S. originated the transaction.
BMS Processing, whose facilities are located in Waltham, Massachusetts, provides check processing and related services to 80 banks, thrifts and credit unions in eastern Massachusetts, New Hampshire and Rhode Island. The center employs over 100 people and processes over 4 million items per month.
BMS On-Line uses UNISYS equipment and proprietary software to provide service bureau processing, including deposits, loans and teller terminal support, to 17 Massachusetts thrifts and credit unions. Through its alliance with Fiserv, On-Line expects to enhances its product offering, has increased its financial stability, and has established a base for future growth.
Two BMS client banks, previously the major holders of equity in both BMS units, sold their interests in the transaction and in the process added to their capital base. Management of the centers has been retained and has signed an extended contract.
Other recent transactions involving bank processors arranged by Bicknell Advisory Services include the sale by Sentry Federal Savings Bank of Hyannis of its wholly owned subsidiary, Data Management Systems, Inc., and the acquisition by Fiserv of item processing business from Boston Safe Deposit and Trust Company.