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Investment Banking and
Strategic Business Development
Metavante Corp. Purchase of Spectrum EBP
Acquisition Summary
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Target Information |
| Target: |
Spectrum EBP
Type of Company: Online Payment Systems Technology |
| City: |
Atlanta |
State: GA
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| Financial Data As Of: |
N/A |
Assets: N/A |
Book Value: N/A |
| Target’s Business: |
Spectrum is an
independent payment systems company fully owned by J.P. Morgan Chase &
Co. (JPM), Wachovia Corporation (WB) and Wells Fargo & Company (WFC).
Formed to facilitate the exchange of electronic bills and payments,
Spectrum’s mission is to provide a secure, open and interoperable
infrastructure to electronically link consumer and biller service
providers. Including the three founders, 24 financial institutions
currently belong to the Spectrum network or have signed letters of
intent to participate in the network. As a payment systems company,
Spectrum routes online payments, presentments, invoices, statements and
other related information. With the industry’s only standards-based OFX/IFX
platform, the Spectrum open network enables participants to benefit from
its unique same-day settlement process.
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Acquirer Information |
| Acquirer: |
Metavante
Corporation (NYSE: MI) Type of Company: Financial Services Technology
Provider |
| City: |
Milwaukee |
State: WI |
| Financial Data As Of: |
3/31/02 |
Assets: $ 28.5
billion |
Book Value: $2.7 billion |
| Acquirer’s Business |
Metavante offers
financial technology solutions that drive customer relationship
management, electronic banking, electronic funds transfer and card
solutions, electronic presentment and payment, financial technology
services, and wealth management. The Company has more than 5,100 clients
– including the largest 20 banks in the United States – and their
thousands of customers, Metavante Corporation delivers virtually all of
the technology that a company needs to offer financial services.
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Transaction Information |
| Status: |
Pending |
| Announcement
Date: |
July 29, 2002 |
Accounting: N/A |
| Completion Date: |
August 2002 |
Consideration:
N/A |
| Deal Value: |
N/A |
| Comments: |
The transaction,
which is subject to regulatory approval, is expected to close in August
2002. This is the second electronic presentment and payment acquisition
the company has made in July; on July 2, 2002, Metavante announced its
plans to acquire the assets of Paytrust, Inc., a leading online bill
management company. Headquartered in Milwaukee, Wis., Metavante is
wholly owned by Marshall & Ilsley Corporation (NYSE: MI). |
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