Metavante to Acquire AdminiSource, Expanding Consumer-Directed Health Care Payments
November 22 2005 - 7:00AM
PR Newswire (US)
Leading Provider of Print and Electronic Health Care Payment
Distribution Services to Join Metavante Payment Solutions Group
MILWAUKEE, Nov. 22 /PRNewswire-FirstCall/ -- Metavante Corporation,
the financial technology subsidiary of Marshall & Ilsley
Corporation (M&I) (NYSE:MI), today announced the signing of a
definitive merger agreement to acquire AdminiSource Corp. of
Carrollton, Texas. The company will continue to operate under the
name of AdminiSource, and will become an affiliate of Metavante
Corporation, with existing management continuing in their
positions. Terms of the transaction were not disclosed. The
acquisition is expected to close in the fourth quarter, pending
regulatory approval and other customary closing conditions. The
purchase is not expected to have a material impact on the financial
results of Metavante or M&I. AdminiSource is a leading provider
of health care payment distribution services, providing
cost-effective printed and electronic payment and remittance advice
distribution services for payer organizations nationwide, such as
claim check, billing statements, ID card and welcome kit
fulfillment services to insurance carriers, and other health care
organizations. "AdminiSource presents Metavante with additional
capability to expand our growing health care payment solution,"
said Frank R. Martire, Metavante president and chief executive
officer. "Acquiring AdminiSource also enhances our focus on helping
clients transition from paper-based to electronic payments and
information flow within the health care industry." AdminiSource
will enable Metavante to further expand its participation in the
consumer-directed health care payments area begun with the 2003
acquisition of Printing for Systems (PSI), a leading provider of
identification cards to the health care insurance industry, and the
2005 acquisition of MBI Benefits, a leading provider of benefits
cards electronic payment services for employee benefit and
consumer-directed health care accounts. "Consumer-directed health
care payments complement Metavante's existing consumer-directed
electronic payment solutions, such as online bill payment and
presentment, flexible spending accounts and prepaid debit cards,"
said Frank D'Angelo, president and chief operating officer,
Metavante Payment Solutions Group. "The AdminiSource market
position complements our existing services to the third-party
administrator market and offerings to health care insurance
providers, such as health savings accounts." According to Dennis
Magill, AdminiSource president, chairman and chief executive
officer, the payment solutions of AdminiSource integrate well with
Metavante and offer additional opportunities for cross-sell within
the companies. "We are very pleased to have the opportunity to work
with other Metavante companies to create solutions that fit the
current health care industry's need for consumer-directed health
care and cost-effective solutions." About AdminiSource
AdminiSource, located in Carrollton, Texas, is a technology company
that has clients in 30 states across the nation. Formed in 1997,
AdminiSource continues to provide customized payment distribution
services, both print/mail and electronic, along with other
applications including: ID cards, billing statements,
correspondence and fulfillment services. All services are Web-
enabled, with secure access ensuring client data and information is
protected. AdminiSource currently produces 300,000 - 400,000
transactions daily for over 120 client locations nationwide. For
more information on AdminiSource, please visit
http://www.adminisource.com/ . About Metavante Metavante
Corporation delivers banking and payment technologies to financial
services firms and businesses worldwide. Metavante products and
services drive account processing for deposit, loan and trust
systems, image- based and conventional check processing, electronic
funds transfer, consumer health care payments, and electronic
presentment and payment. Headquartered in Milwaukee, Metavante (
http://www.metavante.com/ ) is wholly owned by Marshall &
Ilsley Corporation. Metavante is a registered trademark of
Metavante Corporation. This press release contains forward-looking
statements concerning M&I's, Metavante's and AdminiSource's
future financial results and operations, including expected closing
dates, and operating activities. Such statements are subject to
important factors which could cause M&I's and Metavante's
actual results to differ materially from those anticipated by the
forward- looking statements. These factors include (a) receipt of
regulatory approvals without unexpected delays or conditions; (b)
timely implementation and execution of integration plans; (c)
retention of customers and critical employees; (d) successfully
leveraging the Metavante/AdminiSource comprehensive product
offering to the combined customer base; (e) unanticipated changes
in laws, regulations, or other industry standards affecting
Metavante/AdminiSource businesses which require significant product
redevelopment efforts, reduce the market for or value of its
products or render products obsolete; (f) successful management of
any impact from slowing economic conditions or consumer spending;
(g) no catastrophic events that could impact Metavante/AdminiSource
or its major customers' operating facilities, communication systems
and technology or that has a material negative impact on current
economic conditions or levels of consumer spending; (h) no material
breach of security of any Metavante/AdminiSource systems; and (i)
those referenced in M&I's Annual Report on Form 10-K for the
year ended December 31, 2004, under the heading "Forward- Looking
Statements" and such other factors as may be described from time to
time in M&I's subsequent SEC filings, which factors are
incorporated herein by reference. DATASOURCE: Metavante Corporation
CONTACT: Sam Baumgarten of Metavante Corporation, +1-678-533-4861,
or Web site: http://www.metavante.com/ http://www.adminisource.com/
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