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Metavante Corporation, the financial technology subsidiary of Marshall &
Ilsley Corporation (NYSE: MI), today announced the acquisition of
Valutec Card Solutions, Inc., of Franklin, Tenn. The company will
continue to operate under the Valutec name, and will become a Metavante
company.
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 (M&I).
Valutec is a leading provider of closed-loop, in-store gift and loyalty
card solutions to small and medium-sized businesses, including hosted
account management, reporting capabilities, plastic card design and
production, along with card program merchandising products. Metavante
already offers a variety of open-loop, network-branded card solutions.
“Valutec presents Metavante with an additional
opportunity to extend its prepaid and gift card solutions technology,
support, development and sales channels into another market,”
said Frank Martire, Metavante president and chief executive officer. “Acquiring
Valutec helps round out Metavante’s ability to
offer a wider selection of prepaid gift card options to our merchant
customer base,” he said.
Through the Valutec acquisition, current Metavante financial institution
clients will also be able to offer merchant-branded cards and services
to their merchant customers, deepening those relationships and helping
to increase the institution’s profitability.
“Merchant-branded cards help create and
increase customer loyalty, and an increasing number of small to
medium-sized merchants are viewing these programs as an attractive and
effective sales, marketing and customer retention tool,”
said Frank D’Angelo, group president,
Metavante Payment Solutions Group. “Offering
Metavante clients closed-loop, prepaid card programs in addition to our
network-branded open-loop cards not only helps their merchant customers
create customer loyalty and increase customer retention, it also
provides Metavante with a predictable, rising revenue stream,”
he said.
According to Bill Horne, Valutec president and chief executive officer,
the in-house gift card capabilities of Valutec will blend well with
existing Metavante card solutions. “We are
very pleased to join with Metavante and offer merchants another payment
option to their customers,” he said.
Metavante Payment Solutions delivers electronic money movement through
an integrated payments network, including an ATM/PIN debit network in
NYCE, online bill pay, a complete suite of payment cards and ACH
processing. Metavante helps clients grow revenue by capitalizing on the
expanding electronic payments markets including financial, healthcare
payments. Metavante offers clients the efficient, comprehensive and
integrated resources necessary to offer their customers the broadest
range of payment options and touch points.
About Valutec
Valutec Card Solutions is the leading provider of turnkey gift and
loyalty card services to small and mid-market general and specialty
retail, restaurant, spa/beauty salon and hospitality merchants.
Headquartered in Franklin, Tenn., the privately-held company currently
services over 13,000 merchants in over 30,000 locations (www.valutec.net).
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, electronic presentment and
payment, and business transformation services. Headquartered in
Milwaukee, Metavante (www.metavante.com)
is wholly owned by Marshall & Ilsley Corporation (NYSE: MI).
Metavante is a registered trademark of Metavante Corporation.
This press release contains forward-looking statements concerning M&I’s,
Metavante’s and Valutec’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/Valutec comprehensive product
offering to the combined customer base; (e) unanticipated changes in
laws, regulations, or other industry standards affecting
Metavante/Valutec 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/Valutec 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/Valutec 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.