Metavante to Acquire Prime Associates

Wednesday 29 December 2004 20:41 CET | News

Metavante Corporation has signed a definitive agreement to acquire all the outstanding stock of Clark, N.J.-based Prime Associates, Inc.

The company will continue to operate under the name of Prime Associates, and will become a subsidiary of Metavante Corporation, with existing management continuing in their positions. Prime Associates is a leading international provider of software, data and services that address the regulatory and compliance mandate of financial institutions such as anti-money laundering (AML) regulations. Prime Associates provides compliance solutions for the USA Patriot Act, the Bank Secrecy Act, Office of Foreign Asset Control (OFAC) and enhanced due diligence legislation requirements for banks, insurance companies and broker dealers. The transaction is expected to close in February 2005, pending regulatory approval. The acquisition is not expected to have a material impact on M&I’s financial results. Terms of the agreement were not disclosed.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce