MILWAUKEE, June 24, 2005 â Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced the signing of a definitive merger agreement to acquire TREEV, LLC, of Herndon, Va. The company will continue to operate under the name of TREEV, and will become a subsidiary of Metavante Corporation.
The $19.5 million acquisition, of which approximately $17.6 million will be funded using Marshall & Ilsley Corporation common stock, is expected to close in the third quarter, pending regulatory approval and other customary closing conditions. The purchase is not expected to have a material impact on M&Iâs financial results.
TREEV is a premier provider of software solutions and consulting services to the financial industry. TREEV delivers browser-based document and report management software to the financial services market in both lending and deposit environments.
"The acquisition of TREEV fulfills another element of Metavanteâs imaging and payments strategy and complements our existing imaging solutions," said Frank R. Martire, Metavante president and chief executive officer. "TREEV will complement Metavanteâs long-term check imaging strategy by providing solutions for document storage and retrieval, including electronic report storage. TREEVâs customer base already includes a number of Metavante clients, including clients of Kirchman Corporation and Advanced Financial Solutions."
Since its establishment in 1986, TREEV has enabled over 1,500 financial institutions to transform paper-intensive operations into more efficient electronic and automated processes, resulting in increased productivity, reduced costs, and customer loyalty. TREEVâs solutions are currently used by financial institutions of all asset sizes nationwide, including 14 percent of banks with assets of more than $800 million.
"TREEV is a highly innovative organization with a like-minded focus on premier customer care. That same entrepreneurial spirit and talent will be a good addition to the wide range of Metavante financial service functionality that we provide," said Paul Danola, president and chief operating officer, Metavante Financial Solutions Group. "This acquisition is a good example of how we are bringing innovative technology and state-of-the-art image-based solutions to our clients."