Metavante Technologies Inc., which is expected to begin trading as a public company today, will join the Standard & Poor's Corp.'s MidCap 400 index.
The stock will also join the index's Data Processing & Outsourced Services Sub-Industry index after the market closes today, S&P said Monday. Metavante, the No. 3 provider of core processing products and services to the financial industry, is being spun off from Marshall & Ilsley Corp. of Milwaukee.
The stock will replace UTStarcom Inc., an Alameda, Calif., maker of Internet protocol products, including IP telephone handsets, for the Chinese market. S&P said that UTStarcom has a market capitalization of $398 million, ranking 400th among companies on the index.
Other banking vendors on the MidCap 400 index include ACI Worldwide Inc., Brink's Co., CheckFree Corp. (which Fiserv Inc. is acquiring this year), Deluxe Corp., Diebold Inc., Fair Isaac Corp., Jack Henry & Associates Inc., MoneyGram International Inc., and NCR Corp.
