Metavante Corporation to Acquire the Kirchman Corporation
April 21 2004 - 8:01AM
PR Newswire (US)
Metavante Corporation to Acquire the Kirchman Corporation Core
Banking Software Provider Complements Metavante Integrated
Outsourcing Technology MILWAUKEE, April 21 /PRNewswire-FirstCall/
-- Metavante Corporation, the financial technology subsidiary of
Marshall & Ilsley Corporation , today announced the signing of
a definitive agreement to acquire The Kirchman Corporation, of
Orlando, Fla. Privately held, The Kirchman Corporation is a leading
provider of automation software and compliance services to the
banking industry, with over 800 financial institutions worldwide.
The Kirchman Corporation will become a Metavante subsidiary and
operate within the Metavante Financial Services Group. The
transaction, terms of which were not disclosed, is expected to
close in May 2004, pending regulatory approval. "The Kirchman
Corporation will provide Metavante with a core-processing software
solution that financial institutions can run in-house, which we
don't offer today," said Frank R. Martire, president and chief
executive officer, Metavante Corporation. "This acquisition is a
result of a year-long strategic process by our company that
assessed several areas including technology, breadth of
functionality and market acceptance. This represented the
opportunity to align with the company that pioneered in-house
core-processing software. With 76 years of combined expertise, our
two companies are now in a position to offer a greater variety of
solutions in order to meet the varying business requirements of the
market segments we serve, from community banks to large regional or
national banks." Introduced in 2001, the Kirchman Bankway(R) and
Kirchman Bankway International systems employ a state-of-the-art,
three-tiered architecture and browser technology in their design.
Kirchman Bankway solution puts customer and bank information at the
fingertips of bank employees, while providing the power to complete
transactions at the point of service. Kirchman Bankway software is
scalable and is designed to meet the needs of any size bank from de
novo to large bank holding companies. In addition, The Kirchman
Corporation has a number of valued data center partnerships that
provide clients with attractive outsourcing alternatives for the
Bankway solution. "I founded this business 36 years ago, and have
enjoyed serving our banking industry clients along with the great
team of employees at The Kirchman Corporation," said Ken Kirchman,
Chairman, The Kirchman Corporation. "The time was right to seek a
new corporate structure that would ensure a strong future for our
clients and our employees. Metavante is the right fit to provide
continuity for our development expertise and traditions. We are
combining the two companies in our industry with the longest
continuous ownership, which enjoy excellent reputations for
delivering client satisfaction." Kirchman Bankway operates on
platforms including IBM MVS, VSE and AS/400, and Sun Microsystems'
UNIX, and is an open solution based around a single database that
functions in a networked environment. It supports either a Windows
NT network of PCs or thin client workstations, in a customizable
solution. In addition, Kirchman Bankway provides flexible open
system design for access to customer outlets such as ATMs,
telephone banking, Internet banking, ACH, and third-party
applications. "We look forward to being part of a larger
organization that will also allow us to continue pursuing our
successful business strategy," said Rachel A. Landrum, President,
The Kirchman Corporation. "We also believe that our clients will
appreciate having access to a broader array of services, such as
credit and debit cards, merchant services, and ATM network
solutions, as well as managed network solutions, and online banking
and bill payment." The Kirchman Corporation employs approximately
350 professionals at its Orlando, Fla. headquarters, including
bankers, programmers and software engineers. In addition, The
Kirchman Corporation has offices in Prague, Czech Republic, and
Manila, Philippines. About The Kirchman Corporation Helping banks
to create loyal customers is the core value at The Kirchman
Corporation. Since 1968 the company has dedicated itself to
producing core bank software that gives bankers powerful solutions
to business objectives. Kirchman Bankway(R), the easiest-to-use and
most customer-focused core bank software on the market, provides a
comprehensive package of business solutions for use by the smallest
de novo to the largest multibillion-dollar bank holding company.
Operating on any hardware platform, Kirchman Bankway makes it easy
for everyone from the teller to the CEO to access everything they
need to know about their customers, right at their fingertips. For
more information, see http://www.kirchman.com/ . About Metavante
Celebrating 40 years of innovation, Metavante Corporation delivers
virtually all of the technology that an organization needs to offer
financial services. Metavante processes transactions of value by
providing clients with financial technology solutions that drive
customer relationship management, electronic banking, electronic
funds transfer and card solutions, electronic presentment and
payment, financial account processing, investment technology and
retirement plan services. Headquartered in Milwaukee, Wis.,
Metavante is wholly owned by Marshall & Ilsley Corporation
(NYSE:MI). Metavante is a registered trademark of Metavante
Corporation. For more information, see http://www.metavante.com/ .
DATASOURCE: Metavante Corporation CONTACT: Chip Swearngan of
Metavante Corporation, +1-414-357-3688, Web site:
http://www.metavante.com/ http://www.kirchman.com/
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