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Concept
EFunds Corporation
Summary
EFD was an American payments services company. It provided financial service companies and other large enterprises with new account decisions, fraud detection and payment processing services. On June 27, 2007, Fidelity National Information Services, Inc. (FIS) announced that it was acquiring EFD in an all-cash transaction valued at about $1.8B. The target completion date for the acquisition was the 3rd quarter of 2007.
EFD was formed as eFunds Corporation in 1999 as a spin-off from Deluxe Corporation, bringing together established players in financial risk management and electronic transaction processing services; previously distinct businesses within Deluxe.
In January 2000, iDLX Technology Partners, another Deluxe unit, combined with eFunds to add professional services and business process outsourcing capabilities to the new business. In June 2000, eFunds held its initial public offering on the NASDAQ national market and later that year completed its separation from Deluxe.
In March 2007, eFunds Corporation announced its transition to its new corporate brand, EFD.
With its main operational base situated primarily in the United States, EFD|eFunds International Limited strategically broadened the scope of EFD's services beyond the confines of North America. Notably, in India, eFunds established a substantial presence, employing over 5,000 professionals engaged in Software Development, Business Process Outsourcing (BPO), and Information Technology (IT) services across prominent locations such as Mumbai, Gurgaon, and Chennai. The company garnered recognition as one of the top three BPO service providers within the country.
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