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Wednesday, December 29, 2004|
Metavante Adds Patriot Act Compliance to Bag of Tricks
Metavante Corp. is buying Prime Associates Inc. to expand the services it offers financial institutions. Clark, New Jersey-based Prime Associates provides software to financial institutions that help them comply with anti-money laundering regulations.
The financial terms of the deal were not disclosed and the transaction is expected to close in February of 2005 if it is approved by regulators. Prime Associates will keep its name and existing management, and operate as a unit of Metavante.
Executives at Metavante, a unit of Marshall & Ilsley, said they expect the purchase of the software maker to enable them to boost sales to existing clients.
Prime Associates provides software for firms needing to comply with the USA Patriot Act, the Bank Secrecy Act, and reporting requirements of the U.S. Treasury Department's Office of Foreign Assets Control.
Its currently claims about 140 banks, brokerage houses and insurance companies in seven countries as users of its software.
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