Metavante Makes Another Acquisition

MILWAUKEE -Metavante is clearly trying to grow through acquisitions. The company recently announced plans to acquire Addison, Texas-based VECTORsgi. VECTORsgi is a provider of banking transaction applications, including electronic check-image processing and image exchange, item processing, dispute resolution and e-commerce solutions for financial institutions and corporations. VECTORsgi’s technology is used by each of the top 10, and 41 of the top 50 financial institutions in the United States. The transaction is expected to close in November 2004. Metavante, a technology subsidiary of banking corporation Marshall & Illsley, will pay $100 million in cash for VECTORsgi, with another potential $35 million to be paid based on it meeting certain performance criteria. “Because it serves many of the largest financial institutions in the United States, the acquisition of VECTORsgi complements our acquisition earlier this year of Advanced Financial Solutions, as both companies specialize in providing electronic check-imaging technology. With this combination, we will have in place the industry’s most comprehensive suite of applications to address Check 21 needs and beyond, including distributed capture, image-archiving, and workflow solutions including research, kite and fraud detection,” said Frank R. Martire, Metavante president and chief executive officer. Martire is a former Fiserv executive.