Metavante acquires partners in Virginia and Pennsylvania

MILWAUKEE - Metavante Corporation, a supplier of financial technology solutions and subsidiary of Marshall and Ilsley Corporation, has acquired two financial firms located in Virginia and Pennsylvania.

On Monday the company announced they have purchased GHR Systems, a provider of loan origination solutions headquartered in Wayne, Pa. GHR was acquired for $65 million and the deal is expected to close in the third quarter of 2005.

Metavante said in their release they chose to acquire GHR based on their deals with major U.S. financial institutions and their focus on the top 100 banks. They have had partial ownership of GHR since November of 2000, when they purchased roughly five percent of the company.

Thursday the company announced the merger with of TREEV, a provider of financial software and consulting based in Herndon, Va. Metavante purchased the company for $19.5 million and plans to close the deal also in third quarter of 2005.

TREEV is expected to supplement Metavante's existing imaging and payments solutions, adding more browser-based document and report management software. They currently work with banks whose assets total $800 million. "Metavante will provide TREEV with a long-term strategy for stability and growth that will greatly benefit our clients and employees," said David MacWhorter , CEO of Metavante, in an open letter to customers. "For our customers, we are partnering with a company that has values very similar to our own."

Both companies will continue to operate under their original names and will serve as subsidiaries of Metavante.