Higher transaction volume boosted third-quarter earnings for Metavante Technologies Inc., the Milwaukee company spun off from Marshall & Ilsley Corp. this month.
Metavante's revenue increased 8.9% from a year earlier, to $406.9 million, according to a 10-Q filing Wednesday with the Securities and Exchange Commission. Net income rose 22%, to $50 million.
The company said that revenue related to acquisitions accounted for 2 percentage points of the top-line growth, and the rest came from organic growth.
Metavante said that it would provide additional details of the spinoff, which closed Nov. 1, in its fourth-quarter filings, including a $625 million payment to Marshall & Ilsley by the private-equity firm Warburg Pincus LLC in exchange for a 25% stake in Metavante.
Also Wednesday, Metavante said it has appointed the last member of its board. Shantanu Narayen, 43, the president and chief operating officer of Adobe Systems Inc. of San Jose, was elected to the board, which now has 11 members.
