News

Metavante closes NYCE acquisition; Lynch leaving NYCE

August 5, 2004

MILWAUKEE - Metavante Corp., the financial technology subsidiary of Marshall & Ilsley Corporation, has completed its $610 million acquisition of Montvale, N.J.-based NYCE Corp., operator of the second largest EFT network in the country. NYCE will operate as a wholly owned subsidiary of Metavante.

Metavante also announced that NYCE president and chief executive officer Dennis Lynch is resigning from the company and will be succeeded by Steven Rathgaber, NYCE's executive vice president and chief operating officer, effective Sept. 1.

Lynch has been with NYCE since 1994, when the company was formed by the merger of electronic banking networks New York Switch Corp. and New England Network Inc. New England Network was operator of the Yankee 24 ATM network, of which Lynch was a founding director. He was named president and CEO in 1996.

Rathgaber has been NYCE's executive vice president and chief operating officer since 1997, managing sales, business development and the EFT business. He  joined NYCE in 1991 as vice president of operations and oversaw the creation of the NYCE Data Center. He is also chairman of the board of Everlink Services, a Canadian-based joint venture between NYCE and Celero Solutions.