IBT acquires MICR Resource Management
28 January 2008 | 1590 views | 0
Source: Integrated Bank Technology
Integrated Bank Technology (IBT), a company that provides software applications to community financial institutions across the country, announced that it has acquired Chicago-based MICR Resource Management (MRM).
IBT made its decision based upon MRM's proven success in providing data center services to more than 100 financial institutions.
Integrated Bank Technology's flagship product is Integrated Bank Environment (IBE), a repository for not only a financial institution's core system, but also all of the ancillary systems enabling everything to be tracked and managed from a single system. The software provider also offers a number of applications, including merchant capture, Integrated Fraud Detection and Integrated Image Teller. The addition of MRM's industry knowledge and services allows the company to offer in-house and outsourcing solutions to all of its customers.
"This acquisition enables Integrated Bank Technology to offer a full line of products and support services to all new and existing customers," Mark Dittman, CEO of IBT, explained. "Financial institutions of all sizes can now work with one company to meet their technology needs. We pride ourselves on providing superior customer support to our customers and MRM shares that same philosophy. There are great synergies between our two companies; a similar culture, market vision and highly skilled employees. Together, we are fully committed to providing solutions that allow our customers to better compete in today's dynamic marketplace."
IBT customers will also benefit from the cross selling opportunities that the expanded services present. IBT account managers will continue to work with the same customers with which relationships have been established and, if needed, existing installation contracts can be converted to outsourcing agreements with minimal disruption.
As a result of the acquisition, IBT has increased its staff to almost 100 employees. The additions include Mike Golebiowski, founder and former president of MRM. Golebiowski will now serve as the president of IBT and oversee all of the company's day-to-day operations. Golebiowski has more than 25 years of experience in the banking industry, holding a number of management and technical positions at bank service and software companies.
"According to Bank Systems & Technology in its recent article on the 2008 budget outlook, the majority of financial institutions plan to increase their information technology spending," Mike Golebiowski, president of IBT, noted. "Completing the acquisition at this time gives our customers a distinct advantage because they can maximize their budgets and choose the solutions that best fit with their business models and make adjustments as their needs change. This move allows IBT to provide a wider array of services and, in turn, our customers will be able to further enhance their operations."