Metavante Completes VECTORsgi Acquisition
November 22 2004 - 3:05PM
PR Newswire (US)
Metavante Completes VECTORsgi Acquisition MILWAUKEE, Nov. 22
/PRNewswire-FirstCall/ -- Metavante Corporation, the financial
technology subsidiary of Marshall & Ilsley Corporation
(NYSE:MI), today completed its acquisition of Addison, Texas-based
VECTORsgi, a leading provider of banking transaction applications.
The company will continue to operate under the name of VECTORsgi,
and will be a subsidiary of Metavante Corporation, with existing
management continuing in their positions. VECTORsgi's core
initiatives include electronic check-image processing and image
exchange, item processing, dispute resolution and e-commerce
solutions for financial institutions and corporations. VECTORsgi,
along with Metavante and Kirchman Corporation, was recently named
in the FinTech 100, an international listing by the American Banker
newspaper and the research firm Financial Insights of the top
vertical technology vendors that derive more than a third of their
revenue from the financial transaction applications industry. "The
acquisition of VECTORsgi complements our earlier acquisition of
Advanced Financial Solutions, as both companies specialize in
providing electronic check-imaging technology," said Frank R.
Martire, Metavante president and chief executive officer. "With
VECTORsgi, our clients can be confident we will have in place the
industry's most comprehensive suite of applications to address
Check 21 needs and beyond, including distributed capture,
image-archiving, and workflow solutions including research, kite
and fraud detection." "The inclusion within the Metavante family
will intensify the momentum that VECTORsgi has been building in the
marketplace," said Sydney Smith Hicks, president of VECTORsgi. "It
will allow us to continue to exceed our customer expectations with
even more resources and solutions." About VECTORsgi VECTORsgi is a
leading provider of financial transaction and e-payment processing,
image processing and image exchange, item processing, dispute
resolution and e-commerce solutions for financial institutions and
corporations. Its products have been licensed more than 2,300 times
by financial institutions ranging in size from community banks to
top ten financial institutions to international banking
organizations. The Addison, Texas-based company, founded in 1976,
provides innovative solutions not only to help financial
institutions and corporations streamline their item processing
operations and payment systems, but also to leverage their image
process investment and maximize the benefits of check truncation.
VECTORsgi also helps financial institutions enhance profitability
by offering consulting services that provide management consulting
and business practice improvement. For more information about the
company, visit http://www.vectorsgi.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, and electronic presentment and payment.
The company's services are marketed as Metavante or through the
Advanced Financial Solutions, Endpoint Exchange Network, Kirchman,
Medical Banking Exchange, NuEdge Systems, NYCE, Paytrust, Printing
For Systems, Response Data or VECTORsgi brands, all of which are
trademarks of Metavante Corporation. Headquartered in Milwaukee,
Metavante ( http://www.metavante.com/ ) is wholly owned by Marshall
& Ilsley Corporation (NYSE:MI). Note: The correct usage of the
VECTORsgi name is "VECTOR" in capitals with "sgi" in lower case.
DATASOURCE: Metavante Corporation CONTACT: Chip Swearngan of
Metavante Corporation, +1-414-357-3688, Web site:
http://www.vectorsgi.com/ http://www.metavante.com/
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