Metavante Acquires Valutec, Expanding Prepaid and Gift Card Solutions
13 January 2007 - 12:00AM
Business Wire
Metavante Corporation, the financial technology subsidiary of
Marshall & Ilsley Corporation (NYSE: MI), today announced the
acquisition of Valutec Card Solutions, Inc., of Franklin, Tenn. The
company will continue to operate under the Valutec name, and will
become a Metavante company. 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 (M&I). Valutec is a leading provider of
closed-loop, in-store gift and loyalty card solutions to small and
medium-sized businesses, including hosted account management,
reporting capabilities, plastic card design and production, along
with card program merchandising products. Metavante already offers
a variety of open-loop, network-branded card solutions. �Valutec
presents Metavante with an additional opportunity to extend its
prepaid and gift card solutions technology, support, development
and sales channels into another market,� said Frank Martire,
Metavante president and chief executive officer. �Acquiring Valutec
helps round out Metavante�s ability to offer a wider selection of
prepaid gift card options to our merchant customer base,� he said.
Through the Valutec acquisition, current Metavante financial
institution clients will also be able to offer merchant-branded
cards and services to their merchant customers, deepening those
relationships and helping to increase the institution�s
profitability. �Merchant-branded cards help create and increase
customer loyalty, and an increasing number of small to medium-sized
merchants are viewing these programs as an attractive and effective
sales, marketing and customer retention tool,� said Frank D�Angelo,
group president, Metavante Payment Solutions Group. �Offering
Metavante clients closed-loop, prepaid card programs in addition to
our network-branded open-loop cards not only helps their merchant
customers create customer loyalty and increase customer retention,
it also provides Metavante with a predictable, rising revenue
stream,� he said. According to Bill Horne, Valutec president and
chief executive officer, the in-house gift card capabilities of
Valutec will blend well with existing Metavante card solutions. �We
are very pleased to join with Metavante and offer merchants another
payment option to their customers,� he said. Metavante Payment
Solutions delivers electronic money movement through an integrated
payments network, including an ATM/PIN debit network in NYCE,
online bill pay, a complete suite of payment cards and ACH
processing. Metavante helps clients grow revenue by capitalizing on
the expanding electronic payments markets including financial,
healthcare payments. Metavante offers clients the efficient,
comprehensive and integrated resources necessary to offer their
customers the broadest range of payment options and touch points.
About Valutec Valutec Card Solutions is the leading provider of
turnkey gift and loyalty card services to small and mid-market
general and specialty retail, restaurant, spa/beauty salon and
hospitality merchants. Headquartered in Franklin, Tenn., the
privately-held company currently services over 13,000 merchants in
over 30,000 locations (www.valutec.net). 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, electronic
presentment and payment, and business transformation services.
Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly
owned by Marshall & Ilsley Corporation (NYSE: MI). Metavante is
a registered trademark of Metavante Corporation. This press release
contains forward-looking statements concerning M&I�s,
Metavante�s and Valutec�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/Valutec
comprehensive product offering to the combined customer base; (e)
unanticipated changes in laws, regulations, or other industry
standards affecting Metavante/Valutec 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/Valutec 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/Valutec 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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