Metavante To Be Bought by Fidelity National Info Services

MILWAUKEE - Fidelity National Information Services (NYSE: FIS) has agreed to buy Milwaukee-based banking technology company Metavante Technologies.

In a news release, the companies say they will save $260 million because of cost synergies.

There is no word on the number of job losses that may come from the integration of the two companies, including losses in Milwaukee.

Frank Martire, current Metavante chairman and CEO, will act as the president and CEO of the integrated FIS.

Fidelity provides processing for financial institutions, card issuing and transaction processing , and outsourcing for financial institutions.

Metavante gives banking and payment technologies to around 8,000 financial service firms and businesses.


Source: todaystmj4.com