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- Executives and employees mark company’s fiftieth anniversary with bell ringing at New York Stock Exchange, and celebratory and philanthropic activities around the world.
- FIS began as Systematics, Inc., a data processing company founded in Arkansas in Oct. 1968.
- Company is now a global leader in financial technology with more than $8.7 billion in annual revenue and 52,000-plus employees.
NEW YORK, NY, Oct. 9, 2018 – Senior executives and other rising leaders from financial services technology leader FIS™ (NYSE: FIS) marked the fiftieth anniversary of the company’s founding today by ringing the opening bell of the New York Stock Exchange.
FIS Chairman, President and CEO Gary Norcross joined FIS senior leadership and other employees in the bell ringing. The company’s more than 52,000 employees are also marking the anniversary with a range of celebratory and philanthropic activities this week at more than 70 locations around the world.
Founded in Oct. 1968 as Arkansas-based data processing company Systematics, FIS has grown into a global leader in financial technology with more than $8.7 billion in annual revenues. Through its software and services, the company empowers the financial world, and serves a full spectrum of financial services organizations and companies around the globe.
“The history of FIS has been one of providing technology innovations to help our clients continually modernize and achieve their business goals,” Norcross said. “That commitment to continuous modernization continues today, only on a bigger and broader stage as we work with organizations around the world to help them take advantage of the ever-increasing pace of technological change.
“As exciting as our history has been, we are even more excited about the future of this great company in this dynamic and rapidly evolving industry,” Norcross continued. “We will continue to succeed and grow due to the talent and dedication of our people, the contributions of our partners and the confidence of our clients, many of which have been with us for decades. Thanks to them, FIS is truly empowering the financial world.”
“To mark 50 years in an industry that has undergone so much change in that time is truly remarkable,” said Jerry Silva, Global Banking Research Director, IDC Financial Insights. “FIS’ strength throughout those 50 years is a testament to the company’s focus on their clients and on technological innovation. Congratulations to all 52,000 FIS employees on this achievement.”
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 53,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
This press release may contain statements, estimates or projections that constitute “forward-looking statements” pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from FIS’ historical experience and our present expectations or projections. These risks include, but are not limited to, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products, technology and outsourcing solutions, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, changes in the growth rates of the markets for our solutions, and other risks detailed in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2017, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FIS undertakes no obligation to publicly update or revise any forward-looking statements.
Omitted from the framework is any mention of changing 401(K) plan contributions to after-tax roth contributions, either in whole or in part."
I don�t think anyone wakes up in the morning, and brushes their teeth, thinking about merchant processing. But the team at FIS does."
It has been estimated that �Rothification� of contributions could raise more than $600 billion over 10 years. The estimate is suspect, however, because it does not consider the future loss of tax revenue when Roth amounts are withdrawn from plans tax free. Earlier tax reform proposals included Rothification provisions that were broadly opposed by the retirement plan community and many key members in Congress. Sixteen Democrats in Congress recently sent a letter to the Big Six urging them to resist using Rothification as a revenue raiser. While it currently seems that such an approach is off the table, tax reform is tricky business and will be full of twists and turns as it proceeds. The current political environment is unpredictable and if you thought health care reform was complicated, this endeavor may make it look like child�s play.