MILWAUKEE - Metavante Corp., the financial-technology subsidiary of Marshall & Ilsley Corp., has acquired Franklin, Tenn.-based Valutec Card Solutions Inc.
According to a news release, the company will continue to operate under the Valutec name and will become a Metavante company. Terms of the transaction were not disclosed.
Valutec provides closed-loop, in-store gift and loyalty-card solutions to small and mid-sized businesses, including hosted account management, reporting capabilities, plastic card design and production, and card-program merchandising products.
Metavante also offers a variety of open-loop, network-branded card solutions. "Valutec presents Metavante with an additional opportunity to extend its prepaid and gift-card-solutions technology, support, development and sales channels," said Frank Martire, Metavante's president and chief executive. "Acquiring Valutec helps round out Metavante's ability to offer a wider selection of prepaid gift-card options to our merchant customer base." Metavante Payment Solutions delivers electronic money movement through its payments network, including an ATM/PIN debit network in NYCE, online bill payment, a suite of payment cards and ACH processing.
