Metavante Corp., a subsidiary of Marshall & Ilsley Corp., is seeking buyers for its struggling banking software subsidiary M&I EastPoint Technology Inc., according to an industry insider.

A letter from Brown Deer, Wis.-based Metavante said “the decision has been jointly made to divest EastPoint from Metavante” and that Metavante, formerly M&I Data Services, has retained Donaldson, Lufkin & Jenrette Securities Corp. “to assist us in evaluating strategic alternatives” for EastPoint.

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