21 Apr Metavante acquires Florida banking corporation
MILWAUKEE – Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation, announced Wednesday the signing of a definitive agreement to acquire the Kirchman Corporation, of Orlando, Fla.
The privately held Kirchman Corporation is a provider of automation software and compliance services to the banking industry. The Kirchman Corporation will become a Metavante subsidiary and operate within the Metavante Financial Services Group. The transaction, terms of which were not disclosed, is expected to close in May 2004, pending regulatory approval.
“The Kirchman Corporation will provide Metavante with a core-processing software solution that financial institutions can run in-house, which we don’t offer today,” said Frank R. Martire, president and chief executive officer of Metavante Corporation. “This acquisition is a result of a year-long strategic process by our company that assessed several areas including technology, breadth of functionality and market acceptance. This represented the opportunity to align with the company that pioneered in-house core-processing software. With 76 years of combined expertise, our two companies are now in a position to offer a greater variety of solutions in order to meet the varying
business requirements of the market segments we serve, from community banks to large regional or national banks.”
Introduced in 2001, the Kirchman Bankway and Kirchman Bankway International systems employ a three-tiered architecture and browser technology in their design. Kirchman Bankway software is scalable and is designed to meet the needs of any size bank from de novo to large bank holding companies.
Kirchman Bankway operates on platforms including IBM MVS, VSE and AS/400 and Sun Microsystems’ UNIX and is an open solution based around a single database that functions in a networked environment. It supports either a Windows NT network of PCs or thin client workstations. In addition, Kirchman Bankway provides open-system design for access to customer outlets such as ATMs, telephone banking, Internet banking, ACH and third-party applications.
Milwaukee-based Metavante Corporation provides financial services, such as electronic banking, electronic funds transfer and card solutions, electronic presentment and payment, financial account processing, investment technology and retirement plan services.