Activist hedge fund Jana Partners has built a stake in payments and financial technology group Fiserv, engaging privately with management as it pushes for changes aimed at reviving the company’s sharply underperforming share price, according to a report by the Wall Street Journal.
The reports sites unnamed people familiar with the matter as saying tahat Jana has been in discussions with Fiserv about measures to improve execution and accelerate growth, while expressing support for chief executive Mike Lyons and his strategy to reset the business following a turbulent period for the company’s stock.
Fiserv, which provides technology and payments services to banks, credit unions and merchants, had a market capitalisation of around $32bn as of last week. Its shares fell almost 70% in 2025 amid slowing growth in its core merchant-solutions business and intensifying competition, and are down more than 11% so far this year.
Much of last year’s decline followed Lyons’ appointment in May, when he reduced profit forecasts in an effort to reset Wall Street expectations, triggering a sharp one-day sell-off that wiped out roughly $30bn of market value. Lyons joined from PNC Financial, replacing former CEO Frank Bisignano, who left to take up a role in the Trump administration.
Jana believes Fiserv is positioned to benefit from a supportive spending environment among banks and financial institutions, the sources said. The firm supports Lyons’ focus on improving operational execution, refreshing the board and driving longer-term value creation through the company’s recently unveiled One Fiserv action plan.
That plan centres on winning new enterprise clients, strengthening the core banking franchise and enhancing capital planning. Jana is also understood to favour a strategic review of non-core assets, though it is not expected to push for a break-up of Fiserv’s payments and fintech businesses — a tactic it successfully pursued at Fidelity National Information Services in 2022.
Fiserv confirmed that it has been engaging with shareholders, including Jana. “We value shareholder perspectives as we drive progress through our One Fiserv action plan,” a company spokesperson said.
The size of Jana’s stake has not been disclosed, and it remains unclear whether the firm will seek board representation. Fiserv has already taken steps to refresh leadership and governance, including hiring a new chief financial officer, appointing co-presidents for its main business segments and adding three new independent directors to the board.
Jana has recently been active across several investments, pressing for strategic change at companies including Cooper Cos, Markel Group and Alkami Technology, as it continues to deploy its activist playbook across financial services and beyond.
