10:00 AM
Connect Directly

Metavante to Acquire Healthcare Payments Company

Purchase of MBI helps company to provide services in the growing field of Health Savings Accounts.

Metavante (Milwaukee) will acquire Waltham, Mass.-based Med-i-Bank, Inc. (MBI), a provider of electronic payment services for employee benefit and consumer-directed health care accounts. Metavante will pay $145 million, including approximately $138 million in stock of its parent company, M&I Corp.

The MBI purchase bolsters Metavante's ability to provide services in the growing field of Health Savings Accounts, or HSAs. The company offers trust account management services for financial institutions, as well as Internet-based account access and online investment management for HSA consumers.

Forrester Research estimates that the number of HSAs will grow from roughly 391,000 accounts (representing plan assets of $282 million) in 2005 to more than 6.3 million accounts (plan assets of $6 billion) in 2008.

Related article:

MBI, MasterCard, KeyCorp Offer Health Care Debit Cards

Comment  | 
Print  | 
More Insights
Newest First  |  Oldest First  |  Threaded View
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.