Jana urges Fiserv to double savings, adopt Palantir

Jana Partners asked Fiserv to increase the Project Elevate savings target to $1.25 billion from $500 million and to implement Palantir Technologies software, requesting that Fiserv announce the higher target with its third-quarter results.

The demand came in a letter from Jana, which has held a stake in Fiserv since late 2025. The fund argued the company should accelerate restructuring and technology changes to improve profitability and address repeated forecasting errors and downward revisions to guidance.

Fiserv shares have fallen more than half over the past year and closed at their lowest level since February 2016 on Sept. 23. The company’s market value is about $25 billion.

Jana proposed using Palantir’s platform to simplify Fiserv’s technology stack, reduce accumulated technology debt and cut spending on legacy vendors. The fund said those measures would speed modernization and lower operating costs.

Takis Georgakopoulos, who became chief executive in June, has said the company is reviewing its businesses and could pursue additional divestments. The company has been reported to be considering a sale of its payments infrastructure unit, which handles debit-card transactions; Jana indicated support for that potential sale.

In July, Jana recommended a comprehensive review of the business rather than piecemeal asset sales. The fund has previously pressed for strategic changes at payments firms, including a successful 2024 campaign that led a rival company to separate its payments business.

Jana has promoted Palantir technology at other portfolio companies. In August, Mercury Systems announced a partnership with Palantir to automate manufacturing operations and improve materials planning; a Jana partner serves on Mercury’s board.

Fiserv has not committed to the $1.25 billion target. The company said it is evaluating its business units and strategic options as it seeks to stabilize performance and improve investor confidence.