Metavante to Acquire Vectorsgi

In a $100 million dollar deal, Vectorsgi (www.vectorsgi.com), will become a subsidiary of Metavante (www.metavante.com). Vectorsgi is a provider of banking transaction applications, including electronic check-image processing and image exchange, item resolution and e-commerce solutions.

"The acquisition of Vectorsgi complements our acquisition earlier this year of AFS (www.afsimage.com), as both companies specialize in providing electronic checkimaging technology", said Frank Martire, Metavante president. "With this combination, we will have in place the industry's most comprehensive suite of applications to address Check-21 needs and beyond, including distributed capture, image-archiving, and workflow solutions including research, kite and fraud detection."

"The ability to offer solutions from Vectorsgi and AFS in the same corporate family provides the industry - from community banks to the world's largest - a single provider in Metavante that will support the industry's transition from paper-based check exchange to the electronic realm that kicks off with Check-21," said Paul Danola, senior executive VP of Metavante. "Beyond Check-21, Vectorsgi has opportunities in the ePayments business, where the company has been supporting B2B electronic payments for 20 years."