i_Tech Corporation, a $40 million acquisition of Fiserv

A new purchase agreement was signed between Fiserv, Inc. a leading provider of information technology services to the financial industry, and First Interstate BancSystem Inc., a multi-state, $6 billion banking organization headquartered in Billings, Montana. Under the terms of this agreement Fiserv is to acquire i_Tech Corporation, a provider of outsourced account and payment processing services, from First Interstate for $40 million, with an expected closing date of December 31, 2008.

i_Tech provides outsourced account processing services as a licensee and reseller of the Fiserv ITI Premier(R) core banking system to financial institutions located primarily in the northern Midwest and West. Apart from account processing services, i_Tech also provides its clients with a variety of complementary services including EFT processing and check processing.

The relationship between Fiserv and First Interstate has been existing for 30 years already as noted by Jeffery Yabuki, Fiserv President and Chief Executive Officer. Now Fiserv's suite of exceptional, innovative technology solutions will complement services provided by i_Tech thus Fiserv will be able to expand its outsourcing footprint across the Northwestern region. First Interstate BancSystem President and Chief Executive Officer Lyle Knight explained the decision by a growing number of banks that divest themselves of their data processing operations. In light of such conditions the company found Fiserv to be the most optimum choice to lead its clients further to the next level.