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Metavante to Acquire TREEV, Enhancing Digital Document Storage
and Retrieval Solutions
Leading Provider of Browser-Based Document and Report Management Software and
Consulting Services to Join Metavante Financial Services Group
MILWAUKEE, June 24 /PRNewswire-FirstCall/ -- Metavante Corporation, the
financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI),
today announced the signing of a definitive merger agreement to acquire TREEV,
LLC, of Herndon, Va. The company will continue to operate under the name of
TREEV, and will become a subsidiary of Metavante Corporation.
The $19.5 million acquisition, of which approximately $17.6 million will be
funded using Marshall & Ilsley Corporation common stock, is expected to close
in the third quarter, pending regulatory approval and other customary closing
conditions. The purchase is not expected to have a material impact on M&I's
financial results.
TREEV is a premier provider of software solutions and consulting services to
the financial industry. TREEV delivers browser-based document and report
management software to the financial services market in both lending and
deposit environments.
"The acquisition of TREEV fulfills another element of Metavante's imaging and
payments strategy and complements our existing imaging solutions," said Frank
R. Martire, Metavante president and chief executive officer. "TREEV will
complement Metavante's long-term check imaging strategy by providing solutions
for document storage and retrieval, including electronic report storage.
TREEV's customer base already includes a number of Metavante clients, including
clients of Kirchman Corporation and Advanced Financial Solutions."
Since its establishment in 1986, TREEV has enabled over 1,500 financial
institutions to transform paper-intensive operations into more efficient
electronic and automated processes, resulting in increased productivity,
reduced costs, and customer loyalty. TREEV's solutions are currently used by
financial institutions of all asset sizes nationwide, including 14 percent of
banks with assets of more than $800 million.
"TREEV is a highly innovative organization with a like-minded focus on premier
customer care. That same entrepreneurial spirit and talent will be a good
addition to the wide range of Metavante financial service functionality that we
provide," said Paul Danola, president and chief operating officer, Metavante
Financial Solutions Group. "This acquisition is a good example of how we are
bringing innovative technology and state-of-the-art image-based solutions to
our clients."
About TREEV
TREEV is a leading provider of browser-based document and report management
software and consulting services to the financial services industry. TREEV has
enabled over 1,500 financial institutions to transform paper-intensive
operations into more efficient electronic and automated processes, resulting in
increased productivity, reduced costs, and increased customer loyalty. TREEV's
solutions are currently used by financial institutions of all asset sizes
nationwide, including 14 percent of banks with assets of more than $800
million. Established in 1986, TREEV is headquartered in Herndon, Va., (
http://www.treev.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. Headquartered in Milwaukee, Wis., Metavante (
http://www.metavante.com/ ) is wholly owned by Marshall & Ilsley Corporation
(NYSE:MI).
This press release contains forward-looking statements concerning M&I's,
Metavante's and TREEV'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 Metavante/TREEV's comprehensive product offering to the combined
customer base; (e) unanticipated changes in laws, regulations, or other
industry standards affecting Metavante/TREEV 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/TREEV 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/TREEV systems;
and (i) those referenced in M&I's Annual Report on Form 10-K for the year ended
December 31, 2004, 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.
DATASOURCE: Metavante Corporation
CONTACT: Chip Swearngan, +1-414-357-3688, ,
or Sam Kim, +1-678-533-4861, , both of Metavante
Corporation
Web site: http://www.metavante.com/
http://www.treev.com/