Metavante
| Company type | Public (until 2009) |
|---|---|
| Industry | Financial technology |
| Predecessor | M&I Data Services |
| Founded | 1964 |
| Founder | Marshall & Ilsley Corporation |
| Defunct | October 1, 2009 |
| Fate | Acquired by Fidelity National Information Services |
| Successor | Fidelity National Information Services |
| Headquarters | Milwaukee , United States |
Area served | United States |
Key people | Frank Martire (CEO), Mike Hayford (COO) |
| Products | Financial technology solutions, software products, regulatory advisory services, account processing, check processing, electronic funds transfer, online banking platforms, credit and debit card transaction processing |
| Owner | Warburg Pincus (25% until acquisition), Marshall & Ilsley Corporation shareholders (75% until acquisition) |
Number of employees | 5600+ (before 2009) |
| Parent | Fidelity National Information Services (from 2009) |
| Website | www |
Metavante Technologies, Inc., operating through its subsidiary Metavante Corporation, specialized in delivering financial technology solutions, software products, and regulatory advisory services mainly to both small and large-scale financial institutions. The firm, valued at $1.5 billion, was based in Milwaukee, Wisconsin, and employed more than 5,600 personnel across 35 locations within the United States. On October 1, 2009, Metavante was integrated into Fidelity National Information Services.
History
The company’s origins trace back to 1964 when it was established as M&I Data Services, a division of Marshall & Ilsley Corporation (NYSE: MI). It pioneered the first Remote Banking service in the United States in 1967. In the year 2000, M&I Data Services underwent a rebranding to become Metavante.
On April 3, 2007, Marshall & Ilsley declared its intention to separate Metavante into an independent publicly traded entity. Warburg Pincus contributed $625 million in exchange for a 25% ownership share, while shareholders of M&I retained the remaining 75%. Financing of approximately $1.75 billion in new debt was arranged by J.P. Morgan Securities alongside Morgan Stanley. Metavante’s shares commenced trading on the New York Stock Exchange under the ticker "MV" on November 1, 2007; Frank Martire served as CEO and Mike Hayford as COO. For every three shares held in M&I, shareholders were granted one share of Metavante.
Metavante’s suite of products encompassed account processing for deposits and loans, trust administration systems, check processing utilizing both image-based and traditional methods, electronic funds transfer services, consumer healthcare payment solutions, as well as electronic bill presentment and payment systems.
The organization was instrumental in advancing ATM network technology by facilitating the initial successful shared-network ATM transaction via "TYME" ("Take Your Money Everywhere"). Its portfolio included core data processing services tailored for financial institutions, online banking platforms, credit and debit card transaction processing, and infrastructure support for network operations.
Growth was achieved through multiple acquisitions such as the NYCE Payments Network, VICOR, Inc. (specializing in Receivables Information Delivery System), VECTORsgi, Advanced Financial Solutions (AFS), GHR, The Kirchman Corporation, Link2Gov, pay1040.com, 401kservices.com, Printing for Systems Inc., Cyberbills, and Endpoint Exchange.
On April 1, 2009, Metavante revealed its impending acquisition by Fidelity National Information Services (NYSE: FIS), a transaction finalized on October 1 of that year.
External links
- Articles with short description
- FIS (company)
- Financial services companies of the United States
- Financial services companies established in 1996
- Software companies established in 1996
- Companies based in Wisconsin
- Companies formerly listed on the New York Stock Exchange
- 2009 mergers and acquisitions
- Warburg Pincus companies