Metavante Completes Purchase of AdminiSource

Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation, has completed its acquisition, initially announced in November, of AdminiSource Corp. Providing healthcare payment distribution services, AdminiSource will become a Metavante subsidiary and continue to operate under its current name.

This is Metavante's third acquisition that expands its solutions focused on the consumer-directed healthcare payments area. This expansion began with the 2003 acquisition of Printing for Systems (PSI), a provider of identification cards to the healthcare insurance industry, and continued with the 2005 acquisition of MBI Benefits, a benefits cards and electronic payment services company for employee benefit and consumer-directed healthcare accounts.

Metavante's healthcare payments division offers a consumer-directed benefits payments platform plus employee benefits card that electronically access flexible spending accounts (FSA), health reimbursement arrangements (HRA), health savings accounts (HSA), transit/parking accounts, and dependent care accounts. Metavante supplies medical identification cards, combination eligibility/payment cards, and the ability to access multiple benefits accounts from a single card. It also furnishes a comprehensive FSA/HSA product that delivers all the technology a financial institution, health insurance company, third-party administrator, or commercial business needs in order to handle these accounts.