Metavante Corporation is to acquire rival electonic bill presentment and payment provider Derivion. Terms of the agreement were not disclosed.
Derivion is a privately held company based in Atlanta with operations in Toronto, Canada, and London. The transaction, which is subject to regulatory approval, is expected to close later this month.
"Our acquisition of Derivion greatly strengthens the Metavante Electronic Presentment and Payment solution suite by delivering a comprehensive source of presentment solutions, including business to consumer, business to business, and small business," says Joseph Delgadillo, Metavante president and chief executive officer.
Derivion brings to Metavante more than 85 biller relationships, including Zurich North America, GE Capital Auto Financial Services, Florida Power, Baltimore Gas and Electric, Farmers Insurance Group, Cingular Wireless of Puerto Rico and Microcell Solutions, the third-largest cellular service provider in Canada. Derivion currently has 275 million bills annually under contract and 76,000 end-users enrolled.
Metavante has over 2000 existing Electronic Presentment and Payment clients, including four of the top 10 US financial services institutions.