Metavante

Metavante was a financial-technology company serving banks, credit unions, and other financial institutions in the United States. Its business developed from M&I Data Services, a technology subsidiary created by Marshall & Ilsley Corporation in 1964. The operation initially supported the parent bank and later became a broad provider of outsourced processing, software, payments infrastructure, and advisory services for financial institutions ranging from smaller community organizations to large banks. The company’s history included several early developments in electronic banking. In 1967, the M&I operation established what is described as the first remote-banking operation in the United States. It also became associated with the TYME, or “Take Your Money Everywhere,” shared ATM network, which hosted an early successful transaction across an interconnected ATM system. These activities helped establish Metavante’s position in transaction processing and electronic delivery channels rather than conventional consumer banking. M&I Data Services adopted the Metavante name in 2000. During the following decade, its scope expanded across core account processing, deposit and loan systems, trust administration, check processing, image-based processing, electronic funds transfer, online banking, card processing, consumer healthcare payments, electronic bill presentment and payment, and supporting infrastructure. It also provided financial-services regulatory advice and consulting. Through acquisitions, the company added capabilities in payments networks, receivables and lockbox processing, banking systems, government payments, retirement services, printing, electronic billing, and exchange infrastructure. Metavante became an independent public company through a restructuring of Marshall & Ilsley. Announced in 2007, the transaction separated the technology business from the bank and included an investment by Warburg Pincus. Metavante Technologies began trading independently on the New York Stock Exchange on November 1, 2007, under the symbol MV. At that point, the company had approximately 5,500 employees and remained led by Frank Martire and Mike Hayford. Reference material described the organization as having more than 5,600 employees in 35 U.S. cities and an approximate value of $1.5 billion, although the applicable valuation date is not specified in the supplied material. The independent public-company period was brief. On April 1, 2009, Metavante announced that it would be acquired by Fidelity National Information Services, another major provider of financial technology and processing services. The acquisition closed on October 1, 2009. Metavante therefore ceased to operate as an independent listed company, with its capabilities becoming part of the acquiring company’s broader financial-technology platform. The Metavante subject is consequently best understood as a former corporate brand and technology business, not as a current standalone consumer-facing financial institution.

Metavante originated in 1964 as M&I Data Services, a subsidiary of Marshall & Ilsley Corporation. Its original role was to provide data-processing capabilities to the banking group, but the business gradually developed into a specialized financial-technology provider serving external financial institutions as well as its parent organization. In 1967, it established an early remote-banking operation in the United States, reflecting the company’s long-term focus on electronic access and transaction processing. The business became particularly associated with ATM and payments-network development. Its TYME network, whose name represented “Take Your Money Everywhere,” supported shared ATM access and hosted an early successful transaction across an interconnected network. This experience complemented the company’s broader work in account processing, payment systems, and electronic banking channels. In 2000, M&I Data Services changed its name to Metavante. Under that identity, the company expanded beyond data processing into a wide portfolio of technology and services for financial institutions. Its offerings included deposit, loan, and trust processing; image-based and conventional check processing; electronic funds transfer; online banking; credit-card and debit-card processing; consumer healthcare payments; electronic bill presentment and payment; and regulatory advice and consulting. The company also accumulated specialized businesses through acquisitions, including NYCE Payments Network, VICOR, VECTORsgi, Advanced Financial Solutions, GHR, The Kirchman Corporation, Link2Gov, pay1040.com, 401kservices.com, Printing for Systems, Cyberbills, and Endpoint Exchange. A major structural change occurred in 2007. Marshall & Ilsley announced that it would separate itself from Metavante and establish the technology business as an independent public company. Warburg Pincus agreed to invest $625 million for a 25 percent interest, while Marshall & Ilsley shareholders retained the remaining 75 percent. The transaction involved new debt financing and was approved by Marshall & Ilsley shareholders in October 2007. Metavante Technologies began trading on the New York Stock Exchange on November 1, 2007, under the ticker MV. Frank Martire continued as president and chief executive officer, while Mike Hayford remained senior executive vice president and chief operating officer. The independent period lasted less than two years. On April 1, 2009, Metavante announced that it would be acquired by Fidelity National Information Services. The transaction closed on October 1, 2009. Following completion, Metavante was no longer an independent listed company. Its business and technology capabilities were absorbed into Fidelity National Information Services, making Metavante a historical financial-technology brand and former corporate entity rather than an active standalone company.

• 2009

  Acquisition by Fidelity National Information Services announced

  [1]Metavanteen.wikipedia.org

  Metavante announces that Fidelity National Information Services will acquire the company.

• 2009

  Acquisition completed

  [1]Metavanteen.wikipedia.org

  Fidelity National Information Services completes its acquisition of Metavante on October 1.

• 2007

  Separation from Marshall & Ilsley announced

  [1]Metavanteen.wikipedia.org

  Marshall & Ilsley announces a plan to create Metavante as an independent publicly traded company, supported by a minority investment from Warburg Pincus.

• 2007

  Metavante begins NYSE trading

  [1]Metavanteen.wikipedia.org

  Metavante Technologies begins trading independently on the New York Stock Exchange under the symbol MV on November 1.

• 2000

  M&I Data Services adopts the Metavante name

  [1]Metavanteen.wikipedia.org

  The technology subsidiary changes its name from M&I Data Services to Metavante.

• 1967

  Early remote-banking operation established

  [1]Metavanteen.wikipedia.org

  The business establishes an early remote-banking operation in the United States.

• 1964

  M&I Data Services is formed

  [1]Metavanteen.wikipedia.org

  Marshall & Ilsley Corporation forms M&I Data Services as a subsidiary focused on data and technology services.

A business-to-business financial-technology provider focused on outsourced processing, banking software, payments infrastructure, electronic delivery channels, and related consulting for financial institutions.

• Banking software and processing

  Core account-processing systems

  Metavante supplied processing platforms for financial institutions’ core account operations. The portfolio covered deposit, loan, and trust systems, allowing institutions to outsource or support central transaction and record-keeping functions through specialized financial-technology infrastructure.

• ATM and payments network

  TYME

  TYME, an acronym for “Take Your Money Everywhere,” was a shared ATM network associated with Metavante’s predecessor and later business. It helped demonstrate the company’s expertise in connecting financial institutions and supporting electronic cash-access transactions across a network.

• Payments infrastructure

  Electronic payments and funds transfer

  The company provided electronic funds transfer capabilities, payment-network services, and processing for card-based transactions. These services formed part of its business-to-business infrastructure for banks and other financial institutions.

• Digital banking

  Online banking and bill payment

  Metavante offered online banking products and electronic presentment and payment services. These tools supported digital account access, bill delivery, and payment workflows for the institutions using its platforms.

• 2009

  Agree to acquisition by Fidelity National Information ServicesM&A

  Background

  Metavante remained a major financial-technology provider after its public separation from Marshall & Ilsley, while Fidelity National Information Services pursued the combination of complementary processing businesses.

  Action taken

  Metavante announced on April 1 that it would be acquired by Fidelity National Information Services.

  Aftermath

  The acquisition closed on October 1, 2009, ending Metavante’s existence as an independent listed company.

  Source

• 2007

  Separate Metavante from Marshall & IlsleyStrategy

  Background

  Marshall & Ilsley sought to separate its financial-technology subsidiary from the banking corporation and create an independently traded company.

  Action taken

  The separation was structured with Warburg Pincus investing $625 million for a 25 percent equity stake, while Marshall & Ilsley shareholders retained the remaining interest. Metavante subsequently began trading on the NYSE.

  Aftermath

  Metavante operated as an independent public company from November 2007 until its acquisition by Fidelity National Information Services in October 2009.

  Warburg Pincus equity investment. $625 million investment for a 25 percent equity stake (2007 transaction)

  Source

1. 1Metavanteen.wikipedia.org