M&I Data Services has completed its acquisition of the electronic banking services division of Automatic Data Processing Inc., Roseland, N.J.
The company projects initial annual revenue from the business unit at $40 million.
The ADP software products and outsourcing options bought by M&I include Business Express, Forte/FortExpress, and CashExpress. These products can give customers access to banking information and transactions via Internet browser, direct personal computer connection, or telephone.
The current corporate-customer base for these products is 120,000, through partnerships with 110 financial service institutions, including 18 of the 20 largest.
The deal, together with the recent purchase of Moneyline Express from Travelers Express Co., reaffirms M&I's commitment to the electronic commerce market, said Michael Hayford, executive vice president of M&I Data Services.