|Founded||1996 (Marshall & Ilsley Corporation), Formerly M&I Data Services (1964)|
|Headquarters||Brown Deer, Wisconsin, USA|
|Frank Martire - Chairman of the Board and CEO
Michael Hayford - President and COO
Timothy Oliver - CFO
|Revenue||$1.707 Billion USD (2008)|
|$147.4 Million USD (2008)|
Number of employees
Metavante Technologies, Inc., through its subsidiary, Metavante Corporation, provided financial technology services, software and financial services regulatory advice and consulting to its customers, consisting primarily of small to large sized financial institutions. The $1.5 billion organization was headquartered in Milwaukee, Wisconsin, and employed over 5,600 employees in 35 U.S. cities. On October 1, 2009, Metavante was acquired by Fidelity National Information Services.
Metavante corporation was originally formed as M&I Data Services in 1964 as a subsidiary of the Marshall & Ilsley Corporation (NYSE: MI). It was announced on April 3, 2007, that the company would now become a publicly traded company as Marshall & Ilsley relinquished a portion of its interest to an investment firm, Warburg Pincus.
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.
The company may be best known for its role in ATM network development having hosted the first successful ATM transaction over a shared network known as "TYME" or "Take Your Money Everywhere". Other products offered by the company are core data processing for financial institutions, online banking products, credit card and debit card processing, and manufacture and network infrastructure support. Metavante currently provides these services to over 8,200 clients.
Metavante has made at least 17 separate acquisitions in recent years including the NYCE Payments Network, VECTORsgi, Advanced Financial Solutions(AFS), GHR, The Kirchman Corporation, Link2Gov, pay1040.com, 401kservices.com, Printing for Systems Inc, Cyberbills and Endpoint Exchange, among others.
On 3 April 2007, Marshall & Ilsley Corporation announced its plan to split Marshall & Ilsley Corporation and Metavante Corporation into independent public companies.
Under an investment agreement with Warburg Pincus, a global private equity investor, Warburg Pincus has agreed to invest $625 million to acquire an equity stake of 25 percent in Metavante Corporation. Marshall & Ilsley Corporation shareholders will own 75 percent of the shares of Metavante Corporation. The plan will be implemented through the spin-off of Marshall & Ilsley Corporation and is intended to be tax-free to Marshall & Ilsley Corporation and its shareholders.
In connection with the plan, approximately $1.75 billion of new Metavante Corporation debt will be arranged by J.P. Morgan Securities Inc. and Morgan Stanley.
Upon completion of the transaction, Marshall & Ilsley Corporation shareholders will receive one share of Marshall & Ilsley Corporation stock and will also receive one share of Metavante Corporation stock for every three shares of Marshall & Ilsley Corporation stock held.
Marshall & Ilsley Corporation's board of directors has unanimously approved the investment agreement and related transactions and has recommended its approval by Marshall & Ilsley Corporation's shareholders. Under the investment agreement with Warburg Pincus, the closing of the transaction, which is currently expected to occur in the fourth quarter of 2007, is contingent upon satisfaction of various closing conditions. The conditions include approval of Marshall & Ilsley Corporation's shareholders, who will be asked to vote on the proposed transactions at a special meeting that will be held on a date to be announced, obtaining a favorable ruling from the Internal Revenue Service, and other regulatory approvals.
Metavante Corporation, as a stand-alone publicly traded company, will have approximately 5,500 employees. Metavante Corporation generated revenue of $1.5 billion and had net income of $160 million for the year ended December 31, 2006. It is anticipated there will be no management changes at Metavante Corporation. Frank Martire will continue to serve as president and CEO. Mike Hayford will remain senior executive vice president and chief operating officer.
Board of directors
The board of directors of the new company is expected to have 11 members:
- Dennis J. Kuester, chairman and CEO, Marshall & Ilsley Corporation
- Frank Martire, president and CEO, Metavante Corporation
- Mike Hayford, senior executive vice president and chief operating officer, Metavante Corporation
- David Coulter, a Warburg Pincus managing director who heads the firm's Financial Services practice
- James Neary, a Warburg Pincus managing director and co-head of the firm's Technology, Media, and Telecommunications practice
An additional Warburg Pincus representative to be named, as well as five independent directors, one of whom is expected to be Ted Kellner, chairman of the board and CEO, Fiduciary Management, Inc. and a member of the Marshall & Ilsley Corporation board of directors.
On October 25, 2007, shareholders of Marshall & Ilsley Corp. approved a plan to spin off Metavante Corp. into a separate publicly held company.
M&I management said that 75pc of M&I's outstanding shares voted in favor of the spin-off, which was completed November 1, 2007. The holding company for the new Metavante Corp. will be called Metavante Technologies Inc.
Company officials have said that splitting up the companies will allow the two firms to independently pursue growth.
||This section is in a list format that may be better presented using prose. (May 2014)|
1964 - Marshall and Ilsley Data Services (M.I.D.S) formed by M&I Bank
1967 - First Remote Banking operation established in the country by MIDS.
1976 - First successful ATM Network transaction
1995 - First ever Internet-Based banking transaction.
2000 - M&I Data Services officially changes its name to "Metavante."
2007 - Metavante announces its plan to become a publicly held company, officially separating from long-time owner M&I Corporation.
October 25, 2007 - M&I Corporation Shareholders approve spin off of Metavante Corporation.
November 1, 2007 - Metavante Technologies, Inc. begins trading on New York Stock Exchange as an independent publicly traded company under the symbol "MV."
April 1, 2009 - Metavante Technologies, Inc. announces it will be acquired by Fidelity National Information Services (NYSE: FIS)
October 1, 2009 - Fidelity Information Services completes acquisition Metavante
- http://metavante.mediaroom.com/index.php?s=40, Retrieved on April 04, 2009.
- Quick Facts about Metavante. Retrieved on 2007-03-19.
- Basch, Mark: "Fidelity National Information Services has new brand as it completes merger" Florida Times-Union, October 2, 2009
- Metavante Backgrounder. Retrieved on 2008-07-01.
- Gores, Paul. Milwaukee Journal Sentinel, April 4, 2007. "M&I to spin off Metavante." Retrieved on 2012-03-10.