Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley, has signed a definitive agreement to acquire The Kirchman Corporation, a Florida-based provider of automation software and compliance services to the banking sector.
Metavante says Kirchman Corporation will become part of its financial services group.
Kirchman's flagship product, Bankway is scalable and is designed to meet the needs of any size bank from small outfits to large bank holding companies. The company also supplies its Bankway system on an outsourced basis.
Frank Martire, president and CEO, Metavante Corporation, says: "The Kirchman Corporation will provide Metavante with a coreprocessing software solution that financial institutions can run in-house, which we don't offer today."
The transaction is expected to close in May 2004. Financial terms were not disclosed.