MILWAUKEE, Nov. 22, 2004 – Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today completed its acquisition of Addison, Texas-based VECTORsgi, a leading provider of banking transaction applications. The company will continue to operate under the name of VECTORsgi, and will be a subsidiary of Metavante Corporation, with existing management continuing in their positions.
VECTORsgi’s core initiatives include electronic check-image processing and image exchange, item processing, dispute resolution and e-commerce solutions for financial institutions and corporations. VECTORsgi, along with Metavante and Kirchman Corporation, was recently named in the FinTech 100, an international listing by the American Banker newspaper and the research firm Financial Insights of the top vertical technology vendors that derive more than a third of their revenue from the financial transaction applications industry.
“The acquisition of VECTORsgi complements our earlier acquisition of Advanced Financial Solutions, as both companies specialize in providing electronic check-imaging technology,” said Frank R. Martire, Metavante president and chief executive officer. “With VECTORsgi, our clients can be confident 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.”
“The inclusion within the Metavante family will intensify the momentum that VECTORsgi has been building in the marketplace,” said Sydney Smith Hicks, president of VECTORsgi. “It will allow us to continue to exceed our customer expectations with even more resources and solutions.”
About VECTORsgi
VECTORsgi is a leading provider of financial transaction and e-payment processing, image processing and image exchange, item processing, dispute resolution and e-commerce solutions for financial institutions and corporations. Its products have been licensed more than 2,300 times by financial institutions ranging in size from community banks to top ten financial institutions to international banking organizations. The Addison, Texas-based company, founded in 1976, provides innovative solutions not only to help financial institutions and corporations streamline their item processing operations and payment systems, but also to leverage their image process investment and maximize the benefits of check truncation. VECTORsgi also helps financial institutions enhance profitability by offering consulting services that provide management consulting and business practice improvement. For more information about the company, visit www.VECTORsgi.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. The company’s services are marketed as Metavante or through the Advanced Financial Solutions, Endpoint Exchange Network, Kirchman, Medical Banking Exchange, NuEdge Systems, NYCE, Paytrust, Printing For Systems, Response Data or VECTORsgi brands, all of which are trademarks of Metavante Corporation. Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley Corporation (NYSE: MI).
Note: The correct usage of the VECTORsgi name is “VECTOR” in capitals with “sgi” in lower case.
Contact: Chip Swearngan, Metavante Corporation
414-357-3688, chip.swearngan@metavante.com
