Jim started his career in 1986 at Mercantile Bancshares of St. Louis as a developer supporting the SuperMICR check capture system. Later appointments include Vice President in Sterling Software Banking Division and manager of the Check Consulting Group at Stockholder Systems (now Fiserv) where he was responsible for check processing implementations in the top 100 FI space.
Jim joined Gilson & Associates in 1995 as director of sales and later was appointed to CEO. During his tenure there Jim tripled top line revenue and managed to a liquidity event in 2003 with VECTORsgi of Dallas, TX. While at VECTORsgi he served as Senior VP of marketing, product development and consulting sales. Jim remained with VECTORsgi through the buyout with Metavante, and subsequently Fidelity, serving as General Manager of Endpoint Exchange, LLC before joining Seergate in February of 2010.
Metavante to Acquire VECTORsgi
MILWAUKEE, Oct. 15 /PRNewswire-FirstCall/ -- Metavante Corporation, the
financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI),
today announced the signing of a definitive agreement to acquire all the
outstanding stock of Addison, Texas-based VECTORsgi, a portfolio company of
Thoma Cressey Equity Partners. The company will continue to operate under the
name of VECTORsgi, and will become a wholly owned subsidiary of Metavante
Corporation, with existing management continuing in their positions.
VECTORsgi is a leading provider of banking transaction applications,
including electronic check-image processing and image exchange, item
processing, dispute resolution and e-commerce solutions for financial
institutions and corporations. VECTORsgi technology has been licensed more
than 2,300 times by financial institutions ranging in size from community
banks to top-10 financial institutions to international banking organizations.
It is used by each of the top 10, and 41 of the top 50 financial institutions
in the United States.
The transaction is expected to close in November 2004, pending regulatory
approval. The transaction is expected to be approximately neutral to M&I's
earnings per share in 2005. The aggregate cash purchase price for VECTORsgi
is $100 million, with up to an additional $35 million to be paid based on
meeting certain performance criteria. Upon completion, the transaction is
expected to result in intangible assets, including goodwill, of approximately
$91 million.
In part for this acquisition as well as for other corporate purposes, M&I
plans to issue approximately $150 million of common stock in the fourth
quarter of 2004 in order to maintain its capital at desired levels. Any such
issuance is subject to market conditions and changes in the timing, amount and
terms. This press release does not constitute an offer of any securities for
sale.
"Because it serves many of the largest financial institutions in the
United States, the acquisition of VECTORsgi complements our acquisition
earlier this year of Advanced Financial Solutions, as both companies
specialize in providing electronic check-imaging technology. With this
combination, we will have in place the industry's most comprehensive suite of
applications to address Check 21 needs and beyond, including distributed
capture, image-archiving, and workflow solutions including research, kite and
fraud detection," said Frank R. Martire, Metavante president and chief
executive officer.
VECTORsgi developed the Distributed Traffic Agent (DTA) for SVPCO, a
clearinghouse owned by 19 of the nation's largest banks to facilitate national
image exchange. With DTA, banks exchange image files directly, while summary
information moves through SVPCO as an intermediary, allowing for settlement
and reporting.
"VECTORsgi has patented technology that allows banks to take full
advantage of the new Check 21 legislation. We provide image capture and image
exchange solutions for many of the nation's largest banks," said VECTORsgi
President Sydney Smith Hicks, Ph.D. "Joining Metavante gives VECTORsgi the
ability to continue its technology leadership while allowing our developers to
work with other talented teams within the Metavante family. Together, we can
continue to provide innovative, industry leading solutions. Our clients will
benefit from the commitment Metavante has made to be a financial institution
focused company, which fits with our operating philosophy."
"The ability to offer solutions from both VECTORsgi and Advanced Financial
Solutions in the same corporate family provides the industry -- from community
banks to the world's largest -- a single provider in Metavante that will
support the industry's transition from paper-based check exchange to the fully
electronic realm that kicks off with Check 21," said Paul T. Danola, senior
executive vice president and group executive, Metavante Financial Services
Group. "Beyond Check 21, VECTORsgi has additional opportunities in the
ePayments business, where the company has been supporting business-to-business
electronic payments for nearly 20 years."
