Treev delivers browser-based document and report management software to the financial services market in both lending and deposit environments. Its technology enables financial firms to transform paper-intensive operations into electronic and automated processes.
The acquisition of Treev fulfills another element of Metavante’s imaging and payments strategy and complements our existing imaging solutions, said Frank Martire, Metavante president. Treev will complement Metavante’s long-term check imaging strategy by providing solutions for document storage and retrieval, including electronic report storage.
The acquisition, of which approximately $17.6m will be funded using common stock from Metavante’s parent company Marshall & Ilsley (M&I), is expected to close in the third quarter of 2005.
It is the latest purchase for Metavante, who bought electronic imaging companies Advanced Financial Solutions and Vectorsgi last year.
