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Metavante to Purchase Brokat Technologies' U.S. Internet Banking and Brokerage Assets
Metavante Corporation, the technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), signed a definitive agreement to acquire substantially all the assets of the North American Internet banking and brokerage units of Brokat Technologies (Nasdaq: BROA, Neuer Markt: BRJ), a global software leader. The transaction, which is subject to regulatory approval and other customary conditions, is expected to close in late third quarter or early fourth quarter of 2001.
"Our acquisition of Brokat Financial Applications strengthens Metavante's Electronic Banking business by adding leading technology for consumer, business and corporate e-Banking applications. Further, this technology is available through multiple channels including the Internet and wireless devices," said Joseph L. Delgadillo, Metavante president and chief executive officer. "In addition, we are acquiring the assets of Brokat Technologies AFS, Inc., which will allow our Electronic Banking clients and securities firms to offer online brokerage services, including mobile access to trading and account inquiry, to their customers."
"This May, we announced an alliance with Brokat to provide software for our next-generation consumer Internet banking product, which is one product in our suite of electronic banking solutions. We are pleased that we can now accelerate that market-leading Brokat technology across all our Electronic Banking products," Delgadillo said.