Metavante Corp. has agreed to buy the software firm VectorSGI from Thomas Cressey Equity Partners for $100 million, the buyer and target said Thursday.
The companies plan to announce the deal publicly today.
The purchase would let Metavante, the technology vendor subsidiary of the Milwaukee banking company Marshall & Ilsley Corp., extend the market among the 100 largest banks for its transaction processing and imaging products. Vector, of Addison, Tex., will get a strong partner in a consolidating marketplace.
Paul T. Danola, the executive vice president of Metavante's financial services group, said in an interview that the acquisition is expected to close in November, pending regulatory approval.
So far this year Metavante has made a number of purchases, including of NYCE Corp. of Montvale, N.J., and its debit processing network; Advanced Financial Solutions Inc., a check-imaging technology developer in Oklahoma City; and Kirchman Corp. of Orlando, a maker of core processing software.
