Fiserv announced Thursday it is acquiring CheckFree for $4.4 billion in cash. The all-cash deal expands Fiserv’s customer base among large financial institutions.

Fiserv said it will boost revenue by $125 million and add to its underlying cash earnings per share in 2008.

“CheckFree’s industry-leading payment and Internet banking capabilities will significantly accelerate our strategic transformation, extending our service platform to the largest financial institutions,” Jeffrey Yabuki, Fiserv president and chief executive officer said.

CheckFree announced that for its fiscal year ended June 30, it will report GAAP revenue of $970 million to $973 million.

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