WALTHAM, Mass., Sept. 27, 2005 - MBI Benefits, Inc., a Metavante company and the leading provider of electronic benefit payment services and debit cards, today announced that it has been named to the prestigious Deloitte Technology Fast 50 Program as the third fastest-growing technology company in New England.
The MBI Benefits Card (TM), the first and most widely used benefit debit card, leads the industry in linking employee benefit accounts with a convenient, nationally accepted MasterCard or Visa debit card. It enables employees to electronically track funds in their health care accounts, allowing them to enjoy maximum tax benefits while also eliminating the traditional, tedious paper-based reimbursement process.
"With strong momentum behind the consumer-driven health care movement, the benefit debit cards industry continues to experience substantial growth," said Robert Natt, MBI president. "It is an honor for MBI to be ranked as one of the fastest-growing companies in New England. Leading up to this award, our growth as a company is attributed to our market-leading employee benefits software that makes it easier for consumers and companies to adopt and enhance employee benefit accounts."
"Deloitteâs New England Technology Fast 50 companies have shown the strength and vision to succeed in todayâs very competitive technology environment," said Stephen DiPietro, a partner at Deloitte & Touche LLP and chairman of Deloitteâs New England Technology Fast 50 program. "We applaud the successes of MBI and acknowledge it as one of the very few to accomplish such a fast growth rate over the past five years."
In addition to providing the MBI Benefits Card, the companyâs proprietary health care payment platform supports benefit debit cards and manages the transfer of electronic payments between consumers, pharmacies, health plans and financial organizations.
MBI, the employee benefits payment systems market leader with nearly 1.5 million card holders, was acquired in July 2005 by Metavante Corporation, a leading provider of consumer health care payment solutions and the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI).
The acquisition expands and complements Metavanteâs delivery of consumer health care payment services which includes account setup and administration; account and transaction processing; health care debit cards; regulatory reporting; as well as account record-keeping and funds management. Metavante provides health savings account (HSA) solutions for financial institutions that can include trust account management to support the custodial requirements of HSAs. For HSA consumers, Metavante provides Internet-based account access and online investment management options through investment accounts and mutual funds. Printing For Systems, Inc. (PSI), a Metavante company, provides health care identification and eligibility cards.
To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 2000 and $1,000,000 in 2004, be headquartered in North America, and be a âtechnology companyâ -- defined as a company that owns proprietary technology that contributes to a significant portion of the company's operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology in a unique way does not qualify.
Winners of the 15 regional Technology Fast 50 programs in the United States and Canada are automatically entered in Deloitteâs Technology Fast 500 program, which ranks North Americaâs 500 fastest-growing technology companies