The Associated Press June 7, 2010, 10:46AM ET

Fiserv acquires AdviceAmerica

Financial technology company Fiserv Inc. said Monday it has acquired AdviceAmerica, a maker of software for financial advisers, wealth managers and bank trust departments.

Fiserv, based in Brookfield, did not disclose terms of the deal. It plans to make AdviceAmerica part of Fiserv's investment services unit.

AdviceAmerica, founded in 1999, is based in Fremont, Calif., with a research and development center in Bangalore, India. Purna Pareek, AdviceAmerica's founder and CEO, are all employees of AdviceAmerica are expected to join Fiserv.

Shares of Fiserv fell 21 cents to $46.01 in morning trading Monday.

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