FIS completes Metavante acquisition; Carolina firm acquires Franklin manufacturer; Waukesha County fitness centers merge
FIS completes Metavante acquisition
Fidelity National Information Services Inc. today announced it has completed its acquisition of Brown Deer-based Metavante Technologies Inc.
Under terms of the merger agreement, FIS acquired all of the outstanding shares of Metavante common stock, with each Metavante shareholder receiving 1.35 shares of FIS common stock for each share of Metavante common stock held.
The company also introduced a new corporate identity and logo. The combined company will be known as FIS, reflecting a global financial technology brand.
The acquisition reinforces FIS’ position as the world’s largest provider of banking and payments technology.
The acquisition also means that the Milwaukee area has lost another publicly traded company’s headquarters.
Metavante’s Chip Swearngan, who has been named vice president of FIS corporate communications, told BizTimes Milwaukee that some of Metavante’s 3,000 employees in Wisconsin will lose their jobs as the two companies are integrated, but he said no "large layoffs" are expected.
"The company will work toward its integration plan. With any deal, there will be some employees affected by the transaction. FIS will continue to be a significant employer in Milwaukee," Swearngan said.
"The combined scale, complementary product capabilities and market breadth of these two great companies will drive significant competitive advantages in the increasingly dynamic marketplace," said William Foley II, chairman of Jacksonville, Fla.-based FIS. "This transaction will further strengthen FIS’ competitive position as a leading global provider of technology solutions and enable us to generate increased value for shareholders and customers."
"With the completion of this strategic and transformative transaction, FIS has now enhanced its ability to deliver products and services, execute on a client cross-sales business model, and continue to grow globally," said Frank Martire, the former Metavante chief executive officer who has been named FIS president and CEO. "We will continue to make business and product investments and we will strategically integrate our products, where it makes sense to do so in order to deliver high-value solutions to our clients and prospects."
In addition to Martire and Norcross, the new FIS leadership team includes the following executives: Mike Hayford, corporate executive vice president and chief financial officer; Frank Sanchez, corporate executive vice president of strategic solutions; Brent Bickett, corporate executive vice president of business development; George Scanlon, corporate executive vice president of finance; Ron Cook, corporate executive vice president, chief legal officer and corporate secretary; Mike Oates, corporate executive vice president and chief human resources officer; Anthony Jabbour, executive vice president of financial solutions; Frank D’Angelo, executive vice president of payment solutions; Jim Susoreny, executive vice president of sales and client relations; Mark Davey, executive vice president of international; Brian Hurdis, executive vice president of technology services; Ram Chary, executive vice president of global commercial services; and Marcia Danzeisen, senior vice president of global marketing and communications.
“The combined experience of this leadership team will ensure that we minimize risk as we integrate our organizations, as well as accelerate our return on this transaction benefiting clients, employees, and shareholders," Martire said.
FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in more than 90 countries worldwide.
Carolina firm acquires Franklin manufacturer
Carlisle Companies Incorporated announced that it has acquired privately-held Electronic Cable Specialists Inc. (ECS), a Franklin-based designer and manufacturer of electrical and structural products and services for the aviation, medical and industrial markets.
ECS offers customer-specific solutions ranging from individual electrical and structural products to fully integrated systems to support airframe manufacturers, aircraft operators and electronic equipment manufacturers worldwide. The company’s annual sales are $50 million, and it has various distribution points in the United States, France and the United Kingdom.
ECS will operate as part of Carlisle Interconnect Technologies.
Financial terms of the acquisition were not disclosed.
David Roberts, chairman, president and chief executive officer of Charlotte, N.C.-based Carlisle, said, "ECS complements our specialty wire and cable operations and broadens our product and engineering capabilities for our commercial and defense airframe customers. ECS’s product and service capabilities are at the forefront of new developments in avionics and commercial aircraft comfort and business communications. The company has an award-winning reputation for satisfying the demanding requirements of a customer base that is shared with our Carlisle Interconnect Technologies. This acquisition furthers our plan to grow Carlisle’s businesses in attractive markets in which we play a leading role. ECS will bring many beneficial attributes to Carlisle and with the backing of our resources, the company promises to become an excellent growth platform for Carlisle."
Waukesha County fitness centers merge
Brad Arnett, president of NX level in Waukesha, and Jim Lindenberg, president of World Class Health, Fitness and Sports Performance in Harland, announced they have merged their two businesses.
The name of the Hartland facility will be changed to NX Level.
They intend to maintain operations at both 20,000-square-foot locations.
Arnett is known nationally in the fitness industry and will serve as the general manger of the merged company, overseeing the day-to-day operations at both locations.
Lindenberg is an entrepreneur and is the new owner of the Milwaukee Wave indoor professional soccer team. Lindenberg will concentrate on the sales and marketing efforts of the centers.
In addition, Joel Przybilla has been added as a minority owner. Przybilla, formerly of the Milwaukee Bucks, is currently playing with the Portland Trailblazers.
NX Level will emphasize World Class Sports Performance Training for young adults and adults. The centers offer adult boot camps, facility rentals, sports-specific training, a fitness center, personal training and Silver Sneaker classes in Hartland.