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MI Marshall & Ilsley Corp

7.90
0.00 (0.00%)
After Hours
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Marshall & Ilsley Corp NYSE:MI NYSE Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 7.90 0.00 01:00:00

Metavante to Acquire VICOR, Enhancing and Complementing Commercial Treasury Solutions

29/06/2006 2:10pm

Business Wire


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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.

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