Metavante to Acquire GHR Systems, Adding Consumer Finance and Residential Mortgage Origination Services to Financial Technologie
27 June 2005 - 11:00PM
PR Newswire (US)
Metavante to Acquire GHR Systems, Adding Consumer Finance and
Residential Mortgage Origination Services to Financial Technologies
Leading Provider of Lending Automation Technology and Services to
Join Metavante Financial Solutions Group MILWAUKEE, June 27
/PRNewswire/ -- Metavante Corporation, the financial technology
subsidiary of Marshall & Ilsley Corporation (NYSE:MI), today
announced the signing of a definitive merger agreement to acquire
GHR Systems, Inc., of Wayne, Pa. Metavante is acquiring the company
from GHR's three founders and other investors. The $65 million
acquisition, of which approximately $55 million will be funded
using Marshall & Ilsley Corporation common stock, is expected
to close in the third quarter, pending regulatory approval and
other customary closing conditions. The purchase is not expected to
have a material impact on M&I's financial results. The company
will continue to operate under the name of GHR Systems, Inc., and
will become a subsidiary of Metavante Corporation. GHR Systems is a
leading provider of loan origination solutions for the residential
mortgage and consumer finance industries, offering point of sale
products for any channel together with comprehensive underwriting,
processing and closing technology. Four of the top 10 and 15 of the
top 50 U.S. mortgage lenders are GHR clients. GHR systems are used
by large, mid-sized, and emerging lenders to better market, sell
and close loans through all distribution channels, including
wholesale, retail, consumer direct and correspondent. "As a leading
provider of consumer finance and mortgage origination products and
services, GHR will bring one of the most proven technology and
market-leading solutions to our clients," said Frank R. Martire,
Metavante president and chief executive officer. "GHR serves many
of the largest U.S. financial institutions and has focused on the
top-100 bank market, which is important to Metavante. We believe
that the acquisition of the GHR Systems' lending solutions platform
will be perceived by our clients of all asset sizes as a valued
addition to our technology offerings." Since its establishment in
1985, GHR's mission has been to make the origination process easier
for all parties involved -- borrowers, lenders, manufacturers,
vendors, brokers and processors -- by supplying technology that
provides faster and better information. In November 2000, Metavante
established partial ownership of GHR purchasing approximately five
percent of the company. "Our mission has always been to provide our
customers with the maximum of operating efficiency through the most
complete and automated systems," said GHR President Cyrus Brinn.
"Joining Metavante will help us to better serve our clients with a
broader array of financial services technology products." The GHR
management team, led by Cyrus Brinn and Allan Redstone, will
continue operating the business and become part of the Metavante
Financial Solutions Group headed by Paul Danola, president and
chief operating officer, Metavante Financial Solutions Group. "By
providing automation technology and services for residential
mortgages that includes end-to-end origination from point of sale
through underwriting, processing, closing, and documentation, we
will now be able to deliver a premier, mortgage loan origination
solution to our clients," said Danola. About GHR Systems GHR
Systems, Inc., a leading provider of lending automation solutions
and services for the residential mortgage and consumer finance
industries, provides browser-based and client server platforms and
applications for originating loans. GHR's clients use GHR
technology and services to better market, sell and close loans
through all their distribution channels. Fifteen of the top 50 U.S.
mortgage lenders use GHR's systems. GHR is a Microsoft Gold
Certified Software Development Partner. GHR is headquartered in
Wayne, Pa., (a suburb of Philadelphia), with offices in Toronto,
and Berkeley, Calif. ( http://www.ghrsystems.com/ ) About Metavante
Metavante Corporation delivers banking and payment 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, and electronic presentment and payment.
Headquartered in Milwaukee, Wis., Metavante (
http://www.metavante.com/ ) is wholly owned by Marshall &
Ilsley Corporation (NYSE:MI). This press release does not
constitute an offer of any securities for sale. M&I has filed
with the Securities and Exchange Commission a registration
statement on Form S-4 (Reg. No. 333-120576), which includes a
prospectus. Investors are advised to read the prospectus and the
documents incorporated by reference into the prospectus, because
they contain important information about M&I. Investors may
receive a free copy of the prospectus and the incorporated
documents at the Commission's website at http://www.sec.gov/ or
from M&I. This press release contains forward-looking
statements concerning M&I's, Metavante's and GHR's future
financial results and operations, including expected closing date
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
Metavante/GHR's comprehensive product offering to the combined
customer base; (e) unanticipated changes in laws, regulations, or
other industry standards affecting Metavante/GHR 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/GHR 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/GHR systems; and (i) those referenced in M&I's Annual
Report on Form 10-K for the year ended December 31, 2004, 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. DATASOURCE:
Metavante Corporation CONTACT: Chip Swearngan, +1-414-357-3688, ,
or Sam Kim, +1-678-533-4861, , both of Metavante Corporation Web
site: http://www.metavante.com/ http://www.ghrsystems.com/
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