Metavante
Encyclopedia
Metavante Technologies, Inc., through its subsidiary, Metavante Corporation, provides financial technology services, software and financial services regulatory advice and consulting to its customers, consisting primarily of small to large sized financial institutions. The $1.5 billion organization is headquartered in Milwaukee, Wisconsin
, and employs over 5,600 employees in 35 U.S. cities. On October 1, 2009, Metavante officially became a subsidiary of Fidelity National Information Services
.
(NYSE: MI). It was announced on April 3, 2007 that the company would now become a publicly traded company as Marshall & Ilsley Corporation
relinquished a portion of its interest to an investment firm, Warburg Pincus
.
Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, and electronic presentment and payment.
The company may be best known for its role in ATM network development having hosted the first successful ATM transaction over a shared network known as "TYME" or "Take Your Money Everywhere". Other products offered by the company are core data processing for financial institutions, online banking products, credit card and debit card processing, and manufacture and network infrastructure support. Metavante currently provides these services to over 8,200 clients.
Metavante has made at least 17 separate acquisitions in recent years including the NYCE
Payments Network, VECTORsgi, Advanced Financial Solutions(AFS), GHR, The Kirchman Corporation, Link2Gov, pay1040.com, 401kservices.com, Printing for Systems Inc, Cyberbills and Endpoint Exchange, among others.
On 3 April 2007, Marshall & Ilsley Corporation announced its plan to split Marshall & Ilsley Corporation and Metavante Corporation into independent public companies.
Under an investment agreement with Warburg Pincus, a global private equity investor, Warburg Pincus has agreed to invest $625 million to acquire an equity stake of 25 percent in Metavante Corporation. Marshall & Ilsley Corporation shareholders will own 75 percent of the shares of Metavante Corporation. The plan will be implemented through the spin-off of Marshall & Ilsley Corporation and is intended to be tax-free to Marshall & Ilsley Corporation and its shareholders.
In connection with the plan, approximately $1.75 billion of new Metavante Corporation debt will be arranged by J.P. Morgan Securities Inc. and Morgan Stanley.
Upon completion of the transaction, Marshall & Ilsley Corporation shareholders will receive one share of Marshall & Ilsley Corporation stock and will also receive one share of Metavante Corporation stock for every three shares of Marshall & Ilsley Corporation stock held.
Marshall & Ilsley Corporation's board of directors has unanimously approved the investment agreement and related transactions and has recommended its approval by Marshall & Ilsley Corporation's shareholders. Under the investment agreement with Warburg Pincus, the closing of the transaction, which is currently expected to occur in the fourth quarter of 2007, is contingent upon satisfaction of various closing conditions. The conditions include approval of Marshall & Ilsley Corporation's shareholders, who will be asked to vote on the proposed transactions at a special meeting that will be held on a date to be announced, obtaining a favorable ruling from the Internal Revenue Service, and other regulatory approvals.
Metavante Corporation, as a stand-alone publicly traded company, will have approximately 5,500 employees. Metavante Corporation generated revenue of $1.5 billion and had net income of $160 million for the year ended December 31, 2006. It is anticipated there will be no management changes at Metavante Corporation. Frank Martire will continue to serve as president and CEO. Mike Hayford will remain senior executive vice president and chief operating officer.
An additional Warburg Pincus representative to be named, as well as five independent directors, one of whom is expected to be Ted Kellner, chairman of the board and CEO, Fiduciary Management, Inc. and a member of the Marshall & Ilsley Corporation board of directors.
On October 25, 2007, shareholders of Marshall & Ilsley Corp. approved a plan to spin off Metavante Corp. into a separate publicly held company.
M&I management said that 75pc of M&I's outstanding shares voted in favor of the spin-off, which was completed November 1, 2007. The holding company for the new Metavante Corp. will be called Metavante Technologies Inc.
Company officials have said that splitting up the companies will allow the two firms to independently pursue growth.
1967 - First Remote Banking operation established in the country by MIDS.
1976 - First successful ATM Network transaction
1995 - First ever Internet-Based banking transaction.
2000 - M&I Data Services officially changes its name to "Metavante."
2007 - Metavante announces its plan to become a publicly held company, officially separating from long-time owner M&I Corporation.
October 25, 2007 - M&I Corporation Shareholders approve spin off of Metavante Corporation.
November 1, 2007 - Metavante Technologies, Inc. begins trading on New York Stock Exchange as an independent publicly-traded company under the symbol "MV."
April 1, 2009 - Metavante Technologies, Inc. announces it will be acquired by Fidelity National Information Services
(NYSE: FIS)
Terra Firma is a privately held developer of financial core processing software that provides "solutions" exclusively to the credit union industry. Headquartered in the coastal region of Myrtle Beach, South Carolina with additional data center facilities located in Oklahoma.
Open Solutions focuses on the financial services marketplace providing industry specific products and services.
TSYS
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Jack Henry & Associates
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systems, to more than 8,700 financial institutions and corporations.
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AccuTech Systems Corporation
AccuTech Systems Corporation is the second largest Trust Accounting Software developer in the United States in terms of trust clients and provides in house software solution
s as well as outsourcing solution
s..
Milwaukee, Wisconsin
Milwaukee is the largest city in the U.S. state of Wisconsin, the 28th most populous city in the United States and 39th most populous region in the United States. It is the county seat of Milwaukee County and is located on the southwestern shore of Lake Michigan. According to 2010 census data, the...
, and employs over 5,600 employees in 35 U.S. cities. On October 1, 2009, Metavante officially became a subsidiary of Fidelity National Information Services
Fidelity National Information Services
Fidelity National Information Services, Inc. , also known as FIS, is a publicly traded corporation and is a global provider of banking and payments technology solutions, processing services and information-based services...
.
History
Metavante corporation was originally formed as M&I Data Services in 1964 as a subsidiary of the Marshall & Ilsley CorporationMarshall & Ilsley Corporation
Marshall & Ilsley Corporation is a diversified financial services corporation headquartered in Milwaukee, Wisconsin, USA, with $63.5 billion in assets...
(NYSE: MI). It was announced on April 3, 2007 that the company would now become a publicly traded company as Marshall & Ilsley Corporation
Marshall & Ilsley Corporation
Marshall & Ilsley Corporation is a diversified financial services corporation headquartered in Milwaukee, Wisconsin, USA, with $63.5 billion in assets...
relinquished a portion of its interest to an investment firm, Warburg Pincus
Warburg Pincus
Warburg Pincus, LLC is an American private equity firm with offices in the United States, Europe, Brazil and Asia. It has been a private equity investor since 1966...
.
Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, and electronic presentment and payment.
The company may be best known for its role in ATM network development having hosted the first successful ATM transaction over a shared network known as "TYME" or "Take Your Money Everywhere". Other products offered by the company are core data processing for financial institutions, online banking products, credit card and debit card processing, and manufacture and network infrastructure support. Metavante currently provides these services to over 8,200 clients.
Metavante has made at least 17 separate acquisitions in recent years including the NYCE
NYCE
The New York Currency Exchange is an interbank network connecting the ATMs of various financial institutions in the United States and Canada. NYCE also serves as an EFTPOS network for NYCE-linked ATM cards....
Payments Network, VECTORsgi, Advanced Financial Solutions(AFS), GHR, The Kirchman Corporation, Link2Gov, pay1040.com, 401kservices.com, Printing for Systems Inc, Cyberbills and Endpoint Exchange, among others.
On 3 April 2007, Marshall & Ilsley Corporation announced its plan to split Marshall & Ilsley Corporation and Metavante Corporation into independent public companies.
Under an investment agreement with Warburg Pincus, a global private equity investor, Warburg Pincus has agreed to invest $625 million to acquire an equity stake of 25 percent in Metavante Corporation. Marshall & Ilsley Corporation shareholders will own 75 percent of the shares of Metavante Corporation. The plan will be implemented through the spin-off of Marshall & Ilsley Corporation and is intended to be tax-free to Marshall & Ilsley Corporation and its shareholders.
In connection with the plan, approximately $1.75 billion of new Metavante Corporation debt will be arranged by J.P. Morgan Securities Inc. and Morgan Stanley.
Upon completion of the transaction, Marshall & Ilsley Corporation shareholders will receive one share of Marshall & Ilsley Corporation stock and will also receive one share of Metavante Corporation stock for every three shares of Marshall & Ilsley Corporation stock held.
Marshall & Ilsley Corporation's board of directors has unanimously approved the investment agreement and related transactions and has recommended its approval by Marshall & Ilsley Corporation's shareholders. Under the investment agreement with Warburg Pincus, the closing of the transaction, which is currently expected to occur in the fourth quarter of 2007, is contingent upon satisfaction of various closing conditions. The conditions include approval of Marshall & Ilsley Corporation's shareholders, who will be asked to vote on the proposed transactions at a special meeting that will be held on a date to be announced, obtaining a favorable ruling from the Internal Revenue Service, and other regulatory approvals.
Metavante Corporation, as a stand-alone publicly traded company, will have approximately 5,500 employees. Metavante Corporation generated revenue of $1.5 billion and had net income of $160 million for the year ended December 31, 2006. It is anticipated there will be no management changes at Metavante Corporation. Frank Martire will continue to serve as president and CEO. Mike Hayford will remain senior executive vice president and chief operating officer.
Board of directors
The board of directors of the new company is expected to have 11 members:- Dennis Kuester, chairman and CEO, Marshall & Ilsley Corporation
- Frank Martire, president and CEO, Metavante Corporation
- Mike Hayford, senior executive vice president and chief operating officer, Metavante Corporation
- David Coulter, a Warburg Pincus managing director who heads the firm's Financial Services practice
- James Neary, a Warburg Pincus managing director and co-head of the firm's Technology, Media, and Telecommunications practice
An additional Warburg Pincus representative to be named, as well as five independent directors, one of whom is expected to be Ted Kellner, chairman of the board and CEO, Fiduciary Management, Inc. and a member of the Marshall & Ilsley Corporation board of directors.
On October 25, 2007, shareholders of Marshall & Ilsley Corp. approved a plan to spin off Metavante Corp. into a separate publicly held company.
M&I management said that 75pc of M&I's outstanding shares voted in favor of the spin-off, which was completed November 1, 2007. The holding company for the new Metavante Corp. will be called Metavante Technologies Inc.
Company officials have said that splitting up the companies will allow the two firms to independently pursue growth.
Corporate Timeline
1964 - Marshall and Ilsley Data Services (M.I.D.S) formed by M&I Bank1967 - First Remote Banking operation established in the country by MIDS.
1976 - First successful ATM Network transaction
1995 - First ever Internet-Based banking transaction.
2000 - M&I Data Services officially changes its name to "Metavante."
2007 - Metavante announces its plan to become a publicly held company, officially separating from long-time owner M&I Corporation.
October 25, 2007 - M&I Corporation Shareholders approve spin off of Metavante Corporation.
November 1, 2007 - Metavante Technologies, Inc. begins trading on New York Stock Exchange as an independent publicly-traded company under the symbol "MV."
April 1, 2009 - Metavante Technologies, Inc. announces it will be acquired by Fidelity National Information Services
Fidelity National Information Services
Fidelity National Information Services, Inc. , also known as FIS, is a publicly traded corporation and is a global provider of banking and payments technology solutions, processing services and information-based services...
(NYSE: FIS)
Partnerships
Terra Firma Information Technology, LLCTerra Firma is a privately held developer of financial core processing software that provides "solutions" exclusively to the credit union industry. Headquartered in the coastal region of Myrtle Beach, South Carolina with additional data center facilities located in Oklahoma.
Competition
Open SolutionsOpen Solutions focuses on the financial services marketplace providing industry specific products and services.
TSYS
TSYS
Total System Services, Inc. is the largest processor of merchant acquirers and bank credit card issuers. Creators of TS2 and TS1. TSYS is located in Columbus, Georgia, United States. TSYS acquired a leading prepaid card processor, Clarity Payment Solutions, Inc...
TSYS offers broad range of issuer- and acquirer-processing technologies that support consumer-finance, credit, debit and prepaid services for financial institutions and retail companies in the Americas, EMEA and Asia-Pacific regions.
Jack Henry & Associates
Jack Henry & Associates
Jack Henry & Associates an S&P 400 company, supports more than 11,200 financial institutions with core processing solutions as well as the highly specialized products and services that financial services organizations of all asset sizes and diverse businesses outside the financial industry use to...
Jack Henry offers "core processing solutions" for community banks and credit unions, as well as asset and liability management
Asset liability management
In banking, asset and liability management is the practice of managing risks that arise due to mismatches between the assets and liabilities of the bank. This can also be seen in insurance....
systems, to more than 8,700 financial institutions and corporations.
John H. Harland Company
Harland offers a wide range of products including "core processing solutions" for banks and credit unions. They claim to serve over 7,000 clients.
AccuTech Systems Corporation
AccuTech Systems Corporation is the second largest Trust Accounting Software developer in the United States in terms of trust clients and provides in house software solution
Solution
In chemistry, a solution is a homogeneous mixture composed of only one phase. In such a mixture, a solute is dissolved in another substance, known as a solvent. The solvent does the dissolving.- Types of solutions :...
s as well as outsourcing solution
Solution
In chemistry, a solution is a homogeneous mixture composed of only one phase. In such a mixture, a solute is dissolved in another substance, known as a solvent. The solvent does the dissolving.- Types of solutions :...
s..