Metavante Forges Deal For ElectronicPayments Servicer
MILWAUKEE - (05/11/05) Metavante Corp. announced it adeal to buy Med-i-Bank Inc., a Waltham, Mass., provider ofelectronic payment services for employee benefits andconsumer-directed health care accounts, including Health SavingsAccounts. Under the terms of the deal, Metavante, a wholly ownedsubsidiary of bank holding company Marshall & Ilsley, will pay$145 million, of which $138 million will be in M&I shares. Thedeal will extend Metavantes full-service HAS solution, whichincludes account set-up and administration; account and transactionprocessing; healthcare debit cards; regulatory reporting; and fundsmanagement. The deal is expected to close in the thirdquarter.