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Leading Provider of Complex Payments and Receivables Software to Join
Metavante Financial Solutions Group
Metavante Corporation, the banking and payments technology
subsidiary of Marshall & Ilsley Corporation (NYSE:MI), today announced
the signing of a definitive agreement to acquire VICOR, Inc., of
Richmond, Calif., a leading provider of corporate payment processing
software.
VICOR's software simplifies and automates complex payments. Its
flagship product, Receivable Information Delivery System (RIDS), is a
lockbox and remittance system that delivers wholesale, retail, and
scannable payment processing functionality on a single platform.
"By enhancing Metavante's commercial treasury solutions with
licensed, rules-based automated transaction processing for complex
payments and receivables, we will address a financial institution's
need to increase processing efficiency and revenue," said Frank
Martire, Metavante president and chief executive officer.
The VICOR acquisition is expected to close in the third quarter,
pending regulatory approvals and other customary closing conditions.
VICOR would then become a subsidiary of Metavante Corporation, with
existing management continuing in their positions. 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.
"VICOR's achievements in the large-bank market also offer
Metavante several opportunities for growth," said Paul Danola,
president, Metavante Financial Solutions Group. "A hosted version
would also enable our clients to offer their corporate customers an
automated processing solution which includes remote distributed
capture for deposits and payments."
VICOR will also provide Metavante with the opportunity for future
growth in other markets that require complex payments and receivable
processing, such as healthcare and government payments, and the
brokerage industry, where Metavante also offers a suite of other
payment-related products. With RIDS, an organization can establish a
rules-based criteria that automates the record keeping, reconciliation
and disbursement of a deposit into multiple accounts and systems of
record. VICOR already provides a seamless payment and documents
automation platform that supports the specialized government
processing contracts of several of its large-bank customers.
According to Bob Kirk, VICOR president and chief executive
officer, "We've built an organization that offers a feature-rich
product set that has been recognized as the market leader in complex
payment processing. Additionally, we have garnered an impressive list
of both clients and strategic partnerships across multiple market
segments. Now, by combining VICOR with the strength of Metavante, we
will extend our market leadership to become the dominant provider of
commercial treasury solutions in the financial services industry."
About VICOR
VICOR, Inc. is the leading provider of solutions that optimize the
processing of complex payments for businesses and financial
institutions. By managing multiple payment types and formats across
diverse distribution channels, VICOR helps businesses and financial
institutions save time and money, attract new customers, generate
revenue, and leverage existing technologies. VICOR owns and manages
the Corporate Payment Progress Index (CPPI), an industry initiative
that quantitatively measures the progress of corporate payments. VICOR
is headquartered in Richmond, Calif. For more information about VICOR
and its solutions, contact 510-621-2000 or visit www.vicor.com.
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, and
electronic presentment and payment. Headquartered in Milwaukee,
Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley
Corporation (NYSE:MI).
The Metavante trademark is the intellectual property of Metavante
Corporation. The following marks are intellectual property of VICOR:
VICOR, RIDS.
This press release contains forward-looking statements concerning
M&I's, Metavante's and VICOR'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/VICOR comprehensive product
offering to the combined customer base; (e) unanticipated changes in
laws, regulations, or other industry standards affecting
Metavante/VICOR 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/VICOR 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/VICOR 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.