Metavante Corporation, the financial technology arm of banking group Marshall & Ilsley, has signed a definitive agreement to acquire Treev, a Virginia-based provider of document management software and consulting services to financial firms, for $19.5 million.
The acquisition, of which approximately $17.6 million will be funded using Marshall & Ilsley Corporation common stock, is expected to close in the third quarter.
Formed in 1986, Treev delivers browser-based digital document and report management software to the financial services market in both lending and deposit environments. Metavane says Treev's technology is currently used by financial institutions of all sizes nationwide, including 14% of banks with assets of more than $800 million.
Frank Martire, Metavante president and CEO, says the acquisition fulfills another element of Metavante's imaging and payments strategy and complements the firm's existing imaging solutions.
"Treev will complement Metavante's long-term cheque imaging strategy by providing solutions for document storage and retrieval, including electronic report storage," says Martire.
Following the acquisition, the company will continue to operate under the name of Treev and will become a subsidiary of Metavante.
Highly acquisitive Metavante bought electronic imaging vendors Advanced Financial Solutions and Vectorsgi last year.