- Metavante Corporation
Infobox_Company
company_name = Metavante Corporation
company_
company_type = Public (NYSE: MV)
company_slogan =
foundation =1996 (Marshall & Ilsley Corporation ), Formerly M&I Data Services (1964)
location =Brown Deer, Wisconsin ,USA
key_people =Frank Martire (CEO)
num_employees = 5,500
industry =Finance
products =Financial Services
revenue = $1.5 Billion USD (2006 )
net_income = profit $160 Million USD (2005 )
homepage = [http://www.metavante.com/ www.metavante.com]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 inMilwaukee, Wisconsin and employs over 5,600 employees in 35 U.S. cities [ [http://metavante.mediaroom.com/index.php?s=fact_sheet Quick Facts about Metavante] , Retrieved on March 19, 2007.] .Metavante corporation was originally formed as M&I Data Services in 1964 [ [http://metavante.mediaroom.com/index.php?s=partners Metavante Backgrounder] Retrieved on July 1, 2008.] and was a subsidiary of the
Marshall & Ilsley Corporation (NYSE: MI). It was announced on April 3rd, 2007 that the company would now become a publicly traded company asMarshall & 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, my1040.com, 401kservices.com, Printing for Systems Inc, Cyberbills and Endpoint Exchange, among others.Marshall & Ilsley Corporation announced on April 3, 2007 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.
The board of directors of the new company is expected to have 11 members: Dennis Kuester, chairman and CEO, Marshall & Ilsley CorporationFrank Martire, president and CEO, Metavante CorporationMike Hayford, senior executive vice president and chief operating officer, Metavante CorporationDavid Coulter, a Warburg Pincus managing director who heads the firm's Financial Services practiceJames Neary, a Warburg Pincus managing director and co-head of the firm's Technology, Media, and Telecommunications practiceAn additional Warburg Pincus representative to be namedAnd 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 75 percent 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 byM&I Bank 1967 - First Remote Banking operation established in the country by MIDS.1976 - First successful ATM Network transaction1995 - 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."Competition
Fidelity National Information Services [http://www.fidelityinfoservices.com/fnfis]Fidelity National Information Services, Inc. provides core financial institution processing, card issuer and transaction processing services, mortgage loan processing and related information products and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals.
Fiserv, Inc. [http://www.fiserv.com]
Fiserv provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions. Fiserv was ranked the second largest provider of information technology services in 2007 FinTech 100 surveys, giving up the top position it held 2004-2006 to Fidelity National Information Services. [http://cdn.idc.com/FI/downloads/FinTech2007Supplement.pdf] .
TSYS [http://www.tsys.com]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 [http://www.jackhenry.com]Jack Henry offers core processing solutions for community banks and credit unions, as well as asset and liability management systems, to more than 8,700 financial institutions and corporations.
John H. Harland Company [http://www.harlandfinancialsolutions.com/]Harland offers a wide range of products including core processing solutions for banks and credit unions. They claim to serve over 7,000 clients.
References
External links
* [http://www.metavante.com Metavante official website]
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