Metavante to Acquire VICOR, Enhancing and Complementing Commercial Treasury Solutions
June 29 2006 - 8:10AM
Business Wire
Leading Provider of Complex Payments and Receivables Software to
Join Metavante Financial Solutions Group Metavante Corporation, the
banking and payments technology subsidiary of Marshall & Ilsley
Corporation (NYSE:MI), today announced the signing of a definitive
agreement to acquire VICOR, Inc., of Richmond, Calif., a leading
provider of corporate payment processing software. VICOR's software
simplifies and automates complex payments. Its flagship product,
Receivable Information Delivery System (RIDS), is a lockbox and
remittance system that delivers wholesale, retail, and scannable
payment processing functionality on a single platform. "By
enhancing Metavante's commercial treasury solutions with licensed,
rules-based automated transaction processing for complex payments
and receivables, we will address a financial institution's need to
increase processing efficiency and revenue," said Frank Martire,
Metavante president and chief executive officer. The VICOR
acquisition is expected to close in the third quarter, pending
regulatory approvals and other customary closing conditions. VICOR
would then become a subsidiary of Metavante Corporation, with
existing management continuing in their positions. Terms of the
transaction were not disclosed. The purchase is not expected to
have a material impact on the financial results of Metavante or
Marshall & Ilsley Corporation. "VICOR's achievements in the
large-bank market also offer Metavante several opportunities for
growth," said Paul Danola, president, Metavante Financial Solutions
Group. "A hosted version would also enable our clients to offer
their corporate customers an automated processing solution which
includes remote distributed capture for deposits and payments."
VICOR will also provide Metavante with the opportunity for future
growth in other markets that require complex payments and
receivable processing, such as healthcare and government payments,
and the brokerage industry, where Metavante also offers a suite of
other payment-related products. With RIDS, an organization can
establish a rules-based criteria that automates the record keeping,
reconciliation and disbursement of a deposit into multiple accounts
and systems of record. VICOR already provides a seamless payment
and documents automation platform that supports the specialized
government processing contracts of several of its large-bank
customers. According to Bob Kirk, VICOR president and chief
executive officer, "We've built an organization that offers a
feature-rich product set that has been recognized as the market
leader in complex payment processing. Additionally, we have
garnered an impressive list of both clients and strategic
partnerships across multiple market segments. Now, by combining
VICOR with the strength of Metavante, we will extend our market
leadership to become the dominant provider of commercial treasury
solutions in the financial services industry." About VICOR VICOR,
Inc. is the leading provider of solutions that optimize the
processing of complex payments for businesses and financial
institutions. By managing multiple payment types and formats across
diverse distribution channels, VICOR helps businesses and financial
institutions save time and money, attract new customers, generate
revenue, and leverage existing technologies. VICOR owns and manages
the Corporate Payment Progress Index (CPPI), an industry initiative
that quantitatively measures the progress of corporate payments.
VICOR is headquartered in Richmond, Calif. For more information
about VICOR and its solutions, contact 510-621-2000 or visit
www.vicor.com. About Metavante Metavante Corporation delivers
banking and payments 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
healthcare payments, and electronic presentment and payment.
Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly
owned by Marshall & Ilsley Corporation (NYSE:MI). The Metavante
trademark is the intellectual property of Metavante Corporation.
The following marks are intellectual property of VICOR: VICOR,
RIDS. This press release contains forward-looking statements
concerning M&I's, Metavante's and VICOR'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/VICOR comprehensive product offering to the combined
customer base; (e) unanticipated changes in laws, regulations, or
other industry standards affecting Metavante/VICOR 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/VICOR 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/VICOR systems; and (i) those referenced in M&I's
Annual Report on Form 10-K for the year ended December 31, 2005,
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.
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