Metavante Corporation to Acquire the Kirchman Corporation

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, [phone],

 



Web site:  http://www.metavante.com/

http://www.kirchman.com/ 

Copyright