Headlines:
Metavante Names a Chief Operating Officer iPayment Holders Accept Buyout Offer Accounts-Receivable for Small E-Billers
Metavante Names a Chief Operating Officer
Metavante Corp. has made chief financial officer Michael D. Hayford its chief operating officer.
The assignment, announced last week, consolidated responsibilities that had been split between Paul T. Danola, the president of the Metavante Financial Solutions Group, and Frank D'Angelo, the president of Metavante's payments group. They will report to Mr. Hayford, who still reports to Frank R. Martire, Metavante's president and chief executive.
Mr. Hayford, 46, remains CFO - he has held the job since 2001 - but a successor is being sought. He also remains a senior executive vice president. He joined the company, the technology subsidiary of the Milwaukee banking company Marshall & Ilsley Corp., in 1992 as the head of operations.
iPayment Holders Accept Buyout Offer
iPayment Inc.'s shareholders have accepted a $770 million offer from its two top executives to take the company private.
The Nashville company provides credit and debit payment processing services to more than 140,000 small merchants across the United States.
Gregory S. Daily, its chairman and chief executive, and Carl Grimstad, its president, already own about 18% of the company. They are to pay $43.50 a share for the rest, iPayment said Friday. A special committee of the board had rejected two earlier bids by Mr. Daily; the first, made last May, was for $38 a share.
The two men are to put up $206.6 million in equity and have secured a $760 million financing commitment from Bank of America Corp.
Accounts-Receivable for Small E-Billers
A Canadian payment processor is offering consolidated accounts-receivable processing to customers of a California electronic billing operation that serves low- and medium-volume billers.
The processor is Creditron Inc. of Mississauga, Ontario. The EBPP operation is run by MyOnlineBill.com Inc., a unit of American Computer Services Inc. of Buena Park, Calif.
Under the agreement, Creditron will offer its lockbox service to billers who use MyOnlineBill.com, while the Web site will offer online card and automated clearing house payments to Creditron customers. Users of both services will receive a single report on accounts receivable.
Most of MyOnlineBill.com's customers are trash haulers and municipalities; its old name was MyTrashBill.com.
