Metavante completes AdminiSource acquisition
04 January 2006 | 966 views | 0
Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (M&I) (NYSE:MI), has completed its acquisition, announced in November, of AdminiSource Corp. of Carrollton, Texas.
The company will become a Metavante subsidiary, and continue to operate under the AdminiSource name.
AdminiSource, a leading provider of healthcare payment distribution services, is Metavante's third acquisition to expand its solutions focused on the consumer-directed healthcare payments area. This expansion began with the 2003 acquisition of Printing for Systems (PSI), a leading provider of identification cards to the healthcare insurance industry, and continued with the 2005 acquisition of MBI Benefits, a leading provider of benefits cards and electronic payment services for employee benefit and consumer-directed healthcare accounts.
Metavante's Healthcare Payments Division offers a consumer-directed benefits payments platform plus the country's leading employee benefits card – electronically accessing flexible spending accounts (FSA), health reimbursement arrangements (HRA), health savings accounts (HSA), transit/parking accounts and dependent care accounts. Metavante provides medical identification cards, combination eligibility/payment cards, and the ability to access multiple benefits accounts from a single card. Metavante also provides a comprehensive FSA/HSA offering that provides all the technology a financial institution, health insurance company, third-party administrator, or commercial business needs to offer these accounts. Services include account processing, checks and debit cards, online and phone access to account information, investment options, and regulatory reporting.