Fiserv Sells DataTrac
TVC Capital, a San Diego-based private equity fund focused on software acquisitions and investments, has acquired Del Mar DataTrac from Fiserv just two years after Fiserv originally acquired the product. Interestingly, Jeb Spencer, managing partner at TVC, served as Del Mar's executive chairman from 2003 to 2005, during which time the company's customer base more than tripled. Veteran company employee Rob Katz has rejoined Del Mar and will help lead the ownership transition. Details of the transaction were not disclosed. Fiserv will now focus more on its core business, which prompted the sale. "This divestiture further demonstrates Fiserv's focus on its core financial and insurance businesses and its Fiserv 2.0 goals of helping clients to achieve best-in-class status," said Tom Warsop, president of Fiserv's Financial Institutions Group. With over 15 years of industry presence, Del Mar DataTrac has been a provider of back-office lending solutions. Del Mar serves over 300 mortgage banking firms throughout the United States.