Metavante Corporation has signed a definitive agreement to sell its M&I EastPoint Technology subsidiary to EastPoint Technology LLC, a newly formed entity owned by a group of current M&I EastPoint clients.
EastPoint sells client/server-based banking software to the community and small-bank markets. M&I EastPoint will be merged into the new company, which will have its headquarters in Bedford, New Hampshire, from which EastPoint will continue to operate.
Under the terms of the sale, EastPoint Technology LLC will acquire all existing EastPoint client contracts and technology rights in the United States; Metavante will retain the international contracts and product rights. In addition, EastPoint Technology LLC and Metavante will establish a cross-marketing agreement between the two companies.
The announcement follows Metavante's recent acquisitions of CyberBills and Derivion.