Shares of Fiserv (NASDAQ:FISV) received a bid yesterday after news that Jana Partners had purchased 2.2 million shares of the Fintech company for approximately $151 million.
Jana Partners is an activist hedge fund that will push for strategic or operational changes at Fiserv. Jana was founded in 2001 by billionaire investor Barry Rosenstein. The firm manages approximately $1.6 billion. Jana, which is industry agnostic, typically seeks to invest in companies it believes are undervalued. One example is Jana’s purchase of Whole Foods shares, which helped push the company to sell to Amazon in 2017.
WSJ.com reports that Jana has been engaging with Fiserv CEO Mike Lyons and supports his leadership. Lyons joined Fiserv in 2025, so he is relatively new to the firm. The investment thesis is based on banks’ expected spending to upgrade their tech stacks and remain competitive in the digital banking landscape.
Fiserv’s last earnings report delivered moribund growth, with revenue and earnings flat. The company is focusing on a “One Fiserv” strategy that aims to support platform modernization, including embedded finance, AI, and international expansion.
Fiserv supports crypto, too, via different initiatives, including enabling clients to buy, sell, and hold crypto via partnerships with Bakkt and NYDIG. A Fiserv is expanding into stablecoins, launching its own USD-backed stablecoin (FIUSD).
While Fiserv is a leading player in the banking tech sector, its shares trade at around 10 times earnings. Jana believes it can help change all of this for the better.
