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Bank of America and NationsBank Acquire MECA Software for Financial Institutions

Strategic Insights

— 1 min read

Bank of America and NationsBank have finalized their acquisition of MECA Software, Inc., a Connecticut-based developer of financial management software. The acquisition follows an announcement in May to purchase the company, known for its award-winning Managing Your Money software. Paul Harrison, President and CEO of MECA Software, emphasized the importance of financial institutions providing software that enables customers to access their accounts and purchase additional products and services. He also highlighted the company's commitment to promoting a bank-centered approach to electronic commerce, ensuring banks play a crucial role in customer relationships.

Key Takeaways:

  • The acquisition of MECA Software by Bank of America and NationsBank is a significant move to strengthen their position in the financial software market.
  • MECA's Managing Your Money software is an award-winning product that enables individual consumers and small businesses to manage their finances effectively.
  • Paul Harrison, President and CEO of MECA Software, emphasized the importance of financial institutions providing software that enables customers to access their accounts and purchase additional products and services.
  • The acquisition supports Bank of America and NationsBank's strategy of promoting bank-branded software and protecting the strong bank-to-customer relationship.
  • MECA will continue to operate as an independent company with its own board of directors and management team.
  • Bank of America and NationsBank will offer ownership positions to additional financial institutions.

Statistics:

  • The acquisition of MECA Software by Bank of America and NationsBank was completed in July 1995.
  • MECA Software has developed a range of software products designed to help individual consumers and small businesses manage their finances.
  • The Managing Your Money software is an award-winning product that has been recognized for its effectiveness in financial management.
  • Bank of America and NationsBank plan to offer ownership positions to additional financial institutions as part of the acquisition.

Sources:

  • Business Wire, July 5, 1995
  • Press release: Bank of America and NationsBank Announce Completion of Acquisition of MECA Software, Inc.

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