Metavante, the highly acquisitive financial technology subsidiary of Marshall & Ilsley Corporation, is buying Prime Associates, a New Jersey-based provider of anti-money laundering software and services to financial firms, for an undisclosed sum.
Prime Associates provides software, data and services that enable financial institutions to comply with regulations such as the USA Patriot Act, the Bank Secrecy Act, Office of Foreign Asset Control (OFAC) and enhanced due diligence legislation requirements for banks, insurance companies and broker dealers. The firm's technology is used by 140 financial services firms around the world.
Frank Martire, president and CEO, Metavante, says: "Adding a provider of such compliance software to the Metavante suite of financial technology solutions will strengthen the company's competitive product offering and allow for cross selling to existing clients."
Under the deal Prime Associates will continue to operate under its own name and will become a subsidiary of Metavante Corporation, with existing management continuing in their positions.
The transaction is expected to close next month.