Fifth Third Bancorp has acquired Big Data LLC, a technology solutions provider for healthcare payments and remittances. Financial terms of the deal were not disclosed.
This is technology M&A deal number 161 that ChannelE2E and MSSP Alert have covered so far in 2023. See more than 2,000 technology M&A deals for 2023, 2022, 2021, and 2020 listed here.
About Fifth Third Bankcorp and Big Data LLC
Fifth Third Bancorp is based in Cincinnati, Ohio. The company has 21,827 employees listed on LinkedIn. Fifth Third’s areas of expertise include Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors, Business Banking, Small Business, Retail banking, investments, Mortgage, Credit Card, and Loans.
Big Data is based in Philadelphia, Pennsylvania. The company has 38 employees listed on LinkedIn. Big Data’s areas of expertise include IT Services and IT Consulting.
Big Data Healthcare optimizes healthcare results through intelligent data automation. Its core solution FUSE is a bank-neutral online portal that automates remittance reconciliation back to deposits and provides visibility improving data and file management while working in tandem with existing systems.
The acquisition adds national healthcare revenue cycle capabilities, addressing the complex and complicated needs of clients, while building on Fifth Third’s legacy of digital innovation and focus on the healthcare sector, the company said.
Fifth Third Acquires Big Data: Deal Commentary
Kevin Lavender, head of commercial banking at Fifth Third Bank, commented:
“Fifth Third has a long history of expertise in the healthcare banking space and is deeply committed to bringing our solutions to healthcare clients. This acquisition allows Fifth Third and Big Data Healthcare to collaborate, scale, and continue to accelerate healthcare technology solutions that benefit current and future clients.”
Bridgit Chayt, head of wholesale payments, Fifth Third Bank, said:
“We value the relationships and experience of the Big Data Healthcare team. We’re committed to helping solve for the unique challenges our clients face from manual processes to regulatory complexities.”
David Plotkowski chief executive officer, Big Data Healthcare, added:
“We’re impressed with Fifth Third’s commitment to maintain and grow existing business, while remaining an agile and neutral partner. They truly are committed to keeping the client at the center and we look forward to mutual success in the future.”
