Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley, has acquired Printing For Systems Inc (PSI), an application service provider to the insurance industry, for an undisclosed sum.
Metavante says Connecticut-based PSI currently has 65 healthcare insurance industry clients and is one of the largest outsourcers of healthcare insurance plan participant identification data in the US.
As well as providing end-to-end print and e-business systems, the firm also provides identification cards to the healthcare industry and produced over 48 million cards last year.
Under the acquisition, PSI will operate as a subsidiary within Metavante's electronic funds group.
Frank D'Angelo, executive vice president and group executive, Metavante's electronic funds group, says: "Printing For Systems will extend the experience, expertise, and success we've had in producing debit, prepaid debit, and credit cards for financial institutions, and identification cards and passes for transportation agencies to the healthcare insurance industry."