Magazine article American Banker

Citicorp to Buy Stake in Meca, a Personal Finance Software Company

Magazine article American Banker

Citicorp to Buy Stake in Meca, a Personal Finance Software Company

Article excerpt

Citicorp agreed Wednesday to buy a nonmajority stake in Meca Software LLC, the Trumbull, Conn.-based company known for its Managing Your Money personal finance software.

The deal, whose financial terms were not disclosed, brings Meca its seventh owner, each holding an equal share.

Citicorp, the largest bank to buy into the company, plans to launch a Citibank-branded Internet service based on Meca technology by the end of the year. "Meca's 15 years of electronic banking and personal finance software experience ... will significantly complement the innovations we've already made at Citibank," said Edward Horowitz, executive vice president of advanced development at the holding company, Citicorp.

Ten banks currently deliver home banking services to personal computers equipped with Meca software. The company expects to add a half-dozen bank customers by the end of this year.

Meca's president and chief executive officer, Paul Harrison, said Citicorp's investment is a vote of confidence in a company that two years ago employed only 75 and was "limping along."

"Now we have 360 staff, new life, and a new direction," he said. …

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