Wednesday, April 01, 2009

Metavante (M&I Data) Sold!

Big news:

Fidelity National Information Services Inc. agreed to acquire Metavante Technologies Inc., a provider of processing services to financial institutions, in a stock deal valued at $2.94 billion

Another Wisconsin corporate HQ bites the dust.

(Source: American Banker newsletter)

7 comments:

Amy said...

And this affects us directly, as Metavante is my husband's employer.

GOR said...

Well, that didn't take long - just 18 mos. after splitting off from M&I. Inevitably, it will mean more job losses for Wisconsin as post-merger 'consolidation' takes place.

But it does present some opportunities for Fiserv - which, I'm sure, will not be slow to capitalize on it.

Dad29 said...

Even more important than the job-losses, which will not be horrific, is the loss of the HQ.

In five years, the local charities will be mourning this. Loudly.

And Fiserv has already solicited for disgruntled Metavante folks.

Amy said...

And Fiserv has already solicited for disgruntled Metavante folks.

Source? Because we're not sitting on our duffs waiting for the axe to drop... :(

GOR said...

Amy: Tom Warsop of Fiserv was quoted in today's Journal article as saying Fiserv "would love to talk with displaced Metavante employees..."

He also said Fiserv would be courting existing MV and FIS customers who might not be happy with the merger...

Dad29 said...

Amy, the people who will be leaving Metavante are in the Controller/Finance area, some other high-level generalist-manager types...not customer service, not programmers.

Amy said...

Amy, the people who will be leaving Metavante are in the Controller/Finance area, some other high-level generalist-manager types...not customer service, not programmers.

That puts my mind at ease, especially since you kind of know the background of previous employment casualties, Dad29. We had finally gotten back on our feet and secure with the Metavante job.

GOR: Thanks. I was only able to do a quick read of the article.