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Investment Banking and
Strategic Business Development
Metavante Purchase of Paytrust
Acquisition Summary
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Target Information |
| Target: |
Paytrust, Inc.
Type of Company: Online Bill Management |
| City: |
Lawrenceville |
State: NJ
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| Financial Data As Of: |
N/A |
Sales: N/A
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Book Value: N/A |
| Target’s Business: |
Founded in 1998,
Paytrust has deployed private-label electronic bill centers for 23
clients, including financial services providers such as American
Express, Citibank, E*Trade and Capital One. The Paytrust platform is
designed to seamlessly integrate with partner web sites to extend their
services with a complete, consumer-focused bill management solution. The
Paytrust offerings include both electronic and scan-and-pay presentment
of bills, invoices and statements. The company has developed proprietary
technology including SmartBills, a bill aggregation tool used at 33
direct biller web sites. |
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Acquirer Information |
| Acquirer: |
Metavante Corp.
Type of Company: Electronic Payment Services to Financial Inst. |
| City: |
Milwaukee |
State: WI
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| Financial Data As Of: |
N/A |
Sales: N/A |
Book Value: $N/A |
| Acquirer’s Business |
Metavante
Electronic Presentment and Payment (EPP) offers a fully scalable,
end-to-end solution that allows companies to electronically prepare
bills and statements, and enables their customers to receive them and
make payments via the internet. Metavante is a wholly owned subsidiary
of Marshall & Ilsley Corp. that offers financial technology solutions
that drive customer relationship management, electronic banking,
electronic funds transfer and card solutions, electronic presentment and
payment, financial technology services, private label banking, and
wealth management. The company has more than 5,100 clients, including
the largest 20 banks. Metavante delivers virtually all of the technology
that an organization needs to offer financial services. |
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Transaction Information |
| Status: |
Pending |
| Announcement
Date: |
July 2, 2002 |
Accounting: N/A |
| Completion Date: |
July 2002 |
Consideration:
N/A |
| Deal Value: |
N/A |
| Comments: |
The transaction,
terms of which were not disclosed, is expected to close in July 2002,
pending regulatory approval. Through the acquisition, Metavante plans to
consolidate its consumer service provider (CSP) operations onto one
technology platform. The acquisition is expected to be accretive to
Metavante’s earnings in 2003. |
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