Diebold & Uni-Marts

Diebold, Incorporated, a global leader in providing integrated self-service solutions, today announced it has teamed with Uni-Marts, Inc. to place 240 CashSource Plus 200 cash dispensers under its automated teller machine Franchise Program.

Under the franchise agreement, Diebold will install and operate ATMs in various Uni-Mart convenience stores and discount tobacco outlets located throughout Pennsylvania, Delaware, Maryland, New York and Virginia. Installation is estimated to be complete in June 2001.

“Diebold’s ATM placement program fits perfectly with our initiative to provide increased convenience and service to our customers,” said Henry D. Sahakian, chairman and CEO of Uni-Marts. “Our customers will appreciate the ability to access cash on-site at an expanded number of Uni-Mart locations, and we will benefit from working with one proven supplier.”

![][1] The CSP 200 with the Provisor option permits convenience store staff to load and recycle cash without accessing the chest of the unit by depositing money directly into the ATM by way of a bill acceptor. This provides Uni- Marts with a cost-effective and simple means to replenish the cash while minimizing theft and security issues.

“Retail outlets like Uni-Marts recognize the fact that Diebold has a myriad of turnkey delivery solutions, which include ATMs, self-service payment, security products and service and support,” said Bartholomew J. Frazzitta, vice president and general manager of Diebold’s Physical Security and Retail Group. “Our solutions are designed specifically to help build customer traffic and increase revenue within their respective businesses.”

Uni-Marts, Inc. owns and operates 300 convenience stores and Choice Cigarette Discount Outlets in the Mid-Atlantic region, with a majority of its locations in Pennsylvania. Uni-Marts reported revenues of $348.7 million in fiscal year 2000, and has over 2,700 full and part-time employees. Uni-Marts stock is publicly traded on the American Stock Exchange under the symbol “UNI.” For more information, visit the company’s Web site at http://www.uni-mart.com .

Diebold, Incorporated is a global leader in providing integrated self- service delivery systems and services. Diebold employs more than 10,000 associates with representation in more than 80 countries worldwide and headquarters in Canton, Ohio, USA. Diebold reported revenue of $1.7 billion in 2000 and is publicly traded on the New York Stock Exchange under the symbol ‘DBD.’ For more information, visit the company’s Web site at http://www.diebold.com .

[1]: /graphic/unimart/unimart.gif


Monoline Selling

Top executives at three top credit card monolines have cashed in nearly $200 million in stock over the past two months. According to published reports, eight insiders at Capital One sold or planned to unload a total of 2.1 million shares, valued at $136 million. Since the first of this year, Capital One’s CEO and COO have unloaded a combined total of $240 million in stock. According to the Wall Street Journal, nine insiders at MBNA dumped nearly $57 million in shares over the past sixty days. Providian executives cashed in $1.2 million stock during April and May, while one executive sold off about $13 million worth in March. Officials at all three companies say the insider selling is linked to personal objectives and not connected to the overall weakening in the credit card market this year.


e-Port Ships

USA Technologies, Inc. announced it is shipping its e-Port and associated network services to customers, Original Equipment Manufacturers, Authorized Resellers and Strategic Partners. This e-Port solution, currently targeted to the vending industry, is a feature-rich, value-priced intelligent vending technology,” said George R. Jensen, Chairman and CEO, USA Technologies, Inc. “We believe it is the most complete solution of its type, transforming vending machines into intelligent, networked storefronts, capable of conducting affordable micro credit card transactions, automatically forwarding operational data and funds to machine owners.”

The system currently being shipped includes credit card capability and remote auditing capability via USA’s turnkey network and financial services. The network enables a patented method of batch credit card authorization and settlement, making it affordable for USA’s customers to conduct credit card transactions as low as $1.00. e-Port can be built into new machines or retrofitted to a wide variety of existing vending machines, and is being sold through a network of direct sales staff, Authorized Resellers, OEMs and Strategic Partners. “e-Port is precipitating a whole new way of doing business in the vending industry,” said Jensen. “Customers are now installing e-Ports, connecting to USA’s network, and offering consumers the option of making purchases with credit cards nationwide.” Examples of current and upcoming e-Port installations include select locations of Six Flags, National and Alamo Rent a Car, Wal-Mart, and Ford Motor Company. Items in these locations that will be vended utilizing e-Port technology range from beverages to prepared meals to cellular telephones and even industrial parts.

With its ever-expanding family of e-Port products and services, USA Technologies is rapidly emerging as a leader in cashless microtransaction products and services. USA Technologies has conducted many millions of cashless microtransactions for customers in the mainland US, Alaska, Hawaii, Canada and Puerto Rico. Earlier this year USA Technologies formed a strategic alliance with Marconi Online Systems, a division of Marconi PLC, to bring together Marconi Online’s Intelligent Vending service with USA Technologies’ cashless payment and interactive multimedia capabilities delivered through e-Port. Last year, Marconi Online became the exclusive provider of intelligent vending technology to the Coca-Cola Company. The e-Port product line can be embedded into vending machines, gas pumps, office equipment and almost any kind of point-of-sale terminal. This scaleable technology and associated network and financial services enables the conversion of unattended points of sale into intelligent, networked “store fronts”, which could be connected via the Internet or other means. It is capable of communicating operational data to operators, conducting cashless microtransactions and could deliver advertising and information such as news, sports and weather to consumers while making routine purchases everywhere.

About USA Technologies:

USA Technologies is recognized as a leader in cashless microtransactions and interactive media technology and associated financial services. USA Technologies provides credit card activated and other cashless systems, allowing end users, ranging from consumers to business professionals, to communicate, conduct business or make ordinary commerce transactions, outside of the home or workplace. USA Technologies is an IBM (NYSE: IBM) Business Partner and an inaugural member of the Sprint (NYSE: FON) Enabling Application Service Provider Program for e-commerce. It has also established relationships with a number of global IT, multimedia, and telecommunications companies including Marconi Online Systems, RadiSys Corporation, DoubleClick Inc., and Xerox Corporation. Visit the USA Technologies home page at [www.usatech.com][1].

[1]: http://www.usatech.com/


Diebold Board

Diebold, Incorporated elected to its Board of Directors Eric J. Roorda, president of Procomp Amazonia Industria Eletronica, S.A., a subsidiary of Diebold. Roorda and three of his colleagues founded Procomp in 1985 where he served as president. He has remained president since 1999 when Diebold acquired the company.

Procomp is the leading company in the banking automation market in Brazil and also plays an important role in the markets of retail automation and electoral automation. The company employs nearly 3,300 employees and operates more than 150 service locations throughout Brazil.

Roorda has more than 20 years experience in information technology, focusing mainly on bank automation. He has been involved in banking automation since the inception of the ATM in Brazil and has helped shape its direction. Prior to founding Procomp, Roorda held Information technology positions at INPE, Celepar, Universidade Federal do Parana and SID Informatica.

Roorda is a native of Brazil, and currently resides in Sao Paulo. In adding Roorda, the Board increased its number of directors from 10 to 11.

Diebold, Incorporated is a global leader in providing integrated self- service delivery systems and services. Diebold employs more than 10,000 associates with representation in more than 80 countries worldwide and headquarters in Canton, Ohio, USA. Diebold reported revenue of $1.7 billion in 2000 and is publicly traded on the New York Stock Exchange under the symbol ‘DBD.’ For more information, visit the company’s Web site at [www.diebold.com][1] .

[1]: http://www.diebold.com/


Verix TCP/IP

VeriFone unveiled the Verix TCP/IP Library, which enables VeriFone terminals to access the Internet or communicate to a host via standard TCP/IP protocol.

This direct connection via TCP/IP allows merchants to offer customers a variety of Internet-driven e-services via their point-of-sale terminals, such as online ordering and fulfillment. These applications can provide new revenue streams and improved customer loyalty for merchants.

“VeriFone’s TCP/IP Library is another step in our effort to transform the POS into a powerful business tool,” said Eric Lecesne, general manager, VeriFone Technology and Product Operation. “Our unique Verix operating environment offers a multi-application architecture supporting payment and value-added applications on the same terminal. Developers can simply enable TCP/IP communications in their applications through the use of an open application programming interface (API).”

Furthermore, having a direct connection to the Internet, using open TCP/IP standards, eliminates the need to go through a maze of proprietary gateways. Instead, the software library provides flexible TCP/IP communications using the payment terminal’s telco port, RS-232 port, or radio modem. This lets users take advantage of faster, more economical options to transfer data via a variety of communication alternatives, such as high-speed Very Small Aperture Terminal (VSAT) satellite transmission or other wireless connectivity options.

“Businesses everywhere are moving to embrace IP-based networks for both communications and commerce,” said Kenneth Cohen, assistant vice president for strategic marketing at Hughes Network Systems, a global broadband networks leader and VSAT pioneer. “Adding TCP/IP support to its terminals is a sign that VeriFone understands the market’s demands, and it fits HNS’ vision for the future of business networks.”

“The Verix TCP/IP Library allows merchants to use industry-standard TCP/IP to access service providers, whether they are hosted across the street or around the globe, without incurring substantial communications costs,” Lecesne added. “This has enormous potential for merchants running multiple value-added applications at the POS.”


Concord Signs Citizens

Concord EFS, Inc., a leading processor to the financial services industry through its Network Services unit, announced that Citizens Financial Group, Inc. has signed a long-term contract for processing services. Citizens, a $30.9 billion financial services company headquartered in Providence, Rhode Island, selected Concord for a broad range of processing services across its four-state region. In addition to driving Citizens’ 820 ATMs, Concord will also provide online debit card authorization, signature debit card processing, and gateway access to debit networks.

![][1] “Convenience banking is central to our consumer business, so we wanted a processing partner with quality products and service, plus the vision to help us take our debit transaction services in new directions,” said Mark Formica, Vice Chairman, Citizens Financial Group, Inc. “We liked the fact that Concord is committed to the financial services industry, and to working collaboratively with financial institutions to expand applications for ATMs and debit cards.”

“We’re dedicated to working closely with Citizens and other financial institutions to provide the products they need to deliver secure debit services to their customers,” said Edward A. Labry III, Concord president. “Customer service is the cornerstone of Citizens’ fast-growing business and it sets high standards for its partners, so we’re especially proud that it has shown such confidence in our services.”

About Citizens Financial Group

Citizens Financial Group, Inc. is a $30.9 billion financial services company headquartered in Providence, RI. It operates as Citizens Bank in Connecticut, Massachusetts, New Hampshire and Rhode Island. Citizens is wholly owned by The Royal Bank of Scotland Group plc. With more than 330 branches and 800 ATMs in Connecticut, Massachusetts, New Hampshire, and Rhode Island, Citizens is the second largest commercial bank holding company in New England.

About Concord EFS, Inc.

Concord is a leading, vertically-integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to financial institutions, supermarkets, petroleum retailers, convenience stores, and other independent retailers. Concord’s primary activities include Network Services, providing ATM driving, online and signature debit card processing, and network access to the financial services industry under the STAR(SM), MAC(R), and Cash Station(R) brands; and Payment Services, providing credit, debit, check authorization, and electronic benefits transfer (EBT) processing services to selected retail segments. Concord news releases, links to SEC filings, and other information are available on its corporate web site at [www.concordefs.com][2].

[1]: /graphic/citizens/logo.gif
[2]: http://www.concordefs.com/



Following its acquisition of Thomas Cook Global & Financial Services, Travelex launched a new brand identity campaign yesterday after a recent decision to operate under the Travelex name. As a result of its $630 million acquisition of Thomas Cook, Travelex acquired the rights for use of the Thomas Cook brand for up to five years and in perpetuity for Thomas Cook Travellers Cheques. However the firm decided to use the licensing period to pursue a brand migration strategy. The branding strategy and advertising campaign was devised by Smith & Milton and LIDA from M&C Saatchi. To support the re-branding, Travelex has also become the official sponsor for the Australian cricket team for this summer’s Ashes tour.



Travelex, the world’s largest foreign
exchange specialist, is launching its new brand identity with a
US$4.26 million advertising and sponsorship campaign in the international
business media. This follows its recent US$630 million acquisition of Thomas
Cook Global & Financial Services. Travelex acquired the rights for use of the
Thomas Cook Global & Financial Services brand for up to five years and in
perpetuity for Thomas Cook Travellers Cheques. Following an extensive brand
review, Travelex took the key decision for the combined business to operate
under the Travelex name. It will use the licensing period to pursue a brand
migration strategy that is appropriate to each area of the business.

Travelex is a diversified worldwide money business offering retail,
corporate and commercial currency services to consumers and institutions
throughout the world. The company has extensive North American operations in
both retail and corporate services. Major offices are located in Garden City,
New York; Omaha, Nebraska; and Toronto, Canada, and over 100 retail branches
are found in U.S. airports with about 50 additional retail branches in North
American city centers.

The branding strategy and advertising campaign, devised by smith&milton
and LIDA from the M&C Saatchi village targets key corporates, analysts and
media owners. Revolving around the creative theme ‘You’d notice if we weren’t
there,’ the advertisements depict well-known images-such as tourist
attractions-with important pieces missing, serving as a reminder that foreign
exchange is an essential element of international business and travel. In
fact, more worldwide travelers and businesses rely on Travelex than any other

Lloyd Dorfman, Chairman and CEO of The Travelex Group, said “This
campaign and our new identity have been designed to reflect the incredible
business opportunity resulting from the combination of these two major brands.
The campaign clarifies the new relationship between these former competitors
in the retail and commercial foreign exchange markets and marks the way
forward for our global business to go on and achieve even greater success.”
“Travelex has grown into a global business in just 25 years. The
acquisition of Thomas Cook’s Global & Financial Services has created a
business that would have had a combined turnover of US$28.4 billion in 2000.
The combined business would also have had a pro-forma EBITDA of over
US$105 million in 2000,” he concluded.

The campaign will run from June to September in the Wall Street Journal,
Financial Times (UK and international editions), Economist and Business Review
Weekly, as well as in the major long-haul in-flight magazines.

“As a combined company, we wanted a new brand identity that would not only
reflect each of our company’s heritage but demonstrate the power of our
combined status as the world’s largest foreign exchange specialist,” said Tony
Horne, Senior Executive Vice President of Travelex America. “We want the new
Travelex brand to become synonymous with foreign exchange, for all users of
foreign currencies-from international travelers to corporations.”

The new visual identity, which reflects the heritage of both Travelex and
Thomas Cook, will be adopted across Travelex’s global network of 650 retail
outlets and across its Global Payments, Outsourcing and Business Partners

As Tim Duffy, Managing Director at M&C Saatchi, London, said “Travelex is
made up of two distinct sectors-retail and corporate-brought together with one
unifying thought ‘worldwide money.’ The current brand strategy is to develop
a world-leading financial services brand which reflects the global, secure and
expert nature of the company and has instant recognition and credibility

To support the re-branding, Travelex has also become the official sponsor
for the Australian cricket team for this summer’s Ashes tour, in a major
six-figure deal that will raise its profile among business and consumer

Travelex conducts 29 million foreign exchange transactions every year-more
than any of its competitors. It is also the world’s principal specialist in
the corporate international payments business.
Travelex was recently ranked 18th in the Sunday Times Profit Track 100
(May 20, 2001), which follows the performance of Britain’s fastest growing
private companies. The company employs nearly 6,000 staff across the world.

About Travelex

Travelex, the trading name of parent holding company Travellers Exchange
Corporation Limited, is a diversified worldwide money business offering
retail, corporate and commercial currency services to consumers, corporations
and institutions throughout the world. The company was founded in 1976 as a
single retail travel money branch in London and opened its first airport
outlet at Heathrow ten years later. The Travelex Group acquired Thomas Cook
Global & Financial Services, the financial services division of Thomas Cook,
on March 27, 2001, solidifying the company’s position as the world’s largest
foreign currency specialist. Headquartered in London, Travelex is privately
owned and employs approximately 5,000 staff around the world. 3i, Europe’s
largest venture capital company, is a 33% shareholder. For more information,
please visit http//www.travelex.com.


Princeton eCom

Jane Wallace, a leading national authority on electronic bill presentment and payments with nearly two decades of financial industry experience, has joined Princeton eCom to head the company’s consumer service provider division, which includes its recently acquired Quicken Bill Manager services.

Wallace was previously an e-Commerce executive with Bank of America. She was the bank’s Senior Vice President and Business Manager of Electronic Bill Presentment and Payments from 1995 until establishing a financial services consulting business earlier this year. Wallace joined Bank of America in 1989 as Vice President and Group Product Manager, Electronic Payment Services. She also held various senior positions with Bank of America’s Global Payment Services division supporting cash management sales and product management.

Wallace is a published author and frequent industry speaker on payments topics. She also serves on the Board of Directors for NACHA — The Electronic Payments Association and is Vice Chairperson of the NACHA Council for Electronic Billing and Payment. She has also served as a member of the Banking Industry Technology Secretariat (BITS), the Interactive Financial Exchange (IFX), and was president of the Electronic Payments Exchange.

In her new position, she reports directly to Princeton eCom CEO Curt Welling and is based in the company’s Mountain View, California office.

“Few people have Jane’s credentials and stature within the global payments industry,” said Welling. “We are pleased that Jane has joined Princeton eCom’s senior leadership team. Her extensive knowledge of our industry, financial institutions, and electronic bill presentment and payments services for the consumer and corporate marketplaces will help fuel Princeton eCom’s continued growth.”

Wallace began her business career with Colonial Penn Group Insurance Company in Philadelphia. She also held management positions at Provident National Bank (now part of The PNC Financial Services Group, Inc.) and Fidelity Bank (now part of First Union Corporation).

She holds Bachelor of Arts and Master of Business Administration degrees from Rutgers University. Wallace is an Accredited ACH Professional. “With the acquisition of Quicken Bill Manager, Princeton eCom is well positioned to offer innovative, comprehensive electronic bill presentment and payment solutions to its consumers, financial institutions, portals and billers throughout the country,” said Wallace. “Princeton eCom has a solid foundation in this business and I am looking forward to further expanding the company’s strong commitment to quality and leadership in the electronic billing and payments industry.”


Princeton eCom, the first company to present a bill on the Internet, is a leading provider of electronic billing and payment services to more than 1,000 corporations, banks, financial institutions and payment partners including Ameritech, GMAC Mortgage, United Technologies, UPS, Mellon Global Cash Management, Verizon Wireless, Cellular One, Corillian, S1, FiServ, and Jack Henry.

Princeton eCom recently acquired Quicken Bill Manager from Intuit as part of a long term strategic alliance in which Princeton eCom will provide payment processing services to Quicken.com and Quicken Desktop customers. Additionally, the company has the right to market electronic billing and payment services using the Powered by Quicken Bill Manager brand.

Princeton eCom’s distribution network includes the largest personal financial management software, the largest Web portal, Spectrum, home banking software providers, and networks like MasterCard RPPS.

Princeton eCom enables businesses to present their consumers’ bills and their business invoices on the Internet and it provides consumers and businesses with the ability to access and pay those bills online, over the phone, or using a wireless digital device. It also provides electronic payment processing services to banks, credit unions, and other financial institutions. Princeton eCom’s range of services includes electronic lockbox, electronic collection, and electronic credit card balance transfer services as well as customer care and customer service programs. Additionally, through a strategic alliance with Trintech, LLC, Princeton eCom provides card processing capabilities on an outsourced basis as well as an international sales capability.

Additional information about Princeton eCom can be obtained at [www.princetonecom.com][1] .

[1]: http://www.princetonecom.com/



OTI announced that its wholly owned subsidiary OTI Africa has entered into a distribution agreement with BureauFax Technologies, a leading payment systems integrator in Nigeria and a key player in launching smart cards in that country. BFT will focus on OTI’s contactless microprocessor-based smart card solutions for secure payment and loyalty, gasoline management systems, and applications for the health care industry.

“We welcome BureauFax Technologies to OTI’s distribution network in Africa,” said Oded Bashan, president and CEO of OTI. “Our presence in Africa is growing rapidly as the market embraces our contactless smart card solutions.”

“We at BFT are excited about our agreement with OTI. We believe the solutions offered by OTI are the most applicable to the needs of the market and are committed to the success of OTI’s superior smart card solutions. We look forward to expanding OTI’s presence in Nigeria,” said Tope O. Onabolu, managing director/CEO of BureauFax Technologies.

This agreement will expand the market presence of OTI’s patented contactless microprocessor-based smart card solutions to the financial services industry in Nigeria. BFT provides state-of-the-art technology solutions to the financial services industry for payments and transaction processing, and currently accounts for about 70% of the clearing and processing market in the country. BFT’s experience in smart card technologies includes the launch of smart cards in Nigeria with over 34 leading banks and the establishment of the first full online multi-application payment system/ATM network. The companies intend to leverage BFT’s successes and existing partnerships to secure projects in niche markets as well as in the mainstream financial community.

“BFT is a premier partner in the financial services processing arena in Nigeria,” added Charlotte Hambly-Nuss, managing director of OTI Africa. “With this agreement BFT will deliver OTI’s secure, user-friendly smart card solutions to the banking, petroleum, and health care communities, enabling them to invest in a flexible platform ready for future applications.”

About OTI

Established in 1990, OTI (On Track Innovations) designs and develops contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for mass transit, parking, gas management systems, loyalty schemes, ID and secure campuses. OTI has regional offices in the US, Europe, Asia Pacific, and Africa to market and support its products. The company was awarded the prestigious ESCAT Award for smart card innovation in both 1998 and 2000. Visit OTI on the Internet at www.oti.co.il.

OTI Africa, a subsidiary of OTI Limited, is responsible for the distribution, installation and maintenance of OTI’s products and technology in the African market. Users of the OTI technology have access to an experienced and professional management team who lead and guide dedicated functions in sales, marketing, installation, technical, development and support services.

About BureauFax Technologies

BureauFax Technologies Limited is a company incorporated in the Federal Republic of Nigeria on 11th March 1988 under the Companies Act 1968 (as amended by CAMD ’90). BFT’s goal from the onset was to develop seamless solutions leveraging innovative technology and products that would most effectively fulfil the performance requirements of financial service providers seeking to add value to their customers at competitive costs. To establish an enduring presence in a rapidly changing market, BFT has focused, since its inception, upon being the preferred value-added reseller and systems integrator.


Flexio Parking

SchlumbergerSema yesterday introduced its new generation off-street parking solutions for North America that utilizes contactless smart cards. The ‘Flexio’ solution includes automatic and manual pay stations, entry and exit control gates and centralized management stations that monitor the system and provide overall financial control of parking and subscriber management. The Mifare-contactless option increases transaction speed and is easily implemented with the next generation of multi-application smart card. SchlumbergerSema says the digital voice support at the pay station and entry and exit gates provide easy directions for usage and the versatile system accepts multiple payment methods, including magnetic stripe cards, coins, bills, credit/debit and smart cards. SchlumbergerSema’s parking solutions control more than two million parking spaces in more than 3000 cities and 40 countries.



American Express Company
, TIBCO Software Inc., Infosys Technologies Ltd. and WestBridge Capital Partners today
announced the creation of a new company, Workadia, L.L.C. Workadia will
provide companies with comprehensive, customizable business intranets through
browser accessed hosted portals. The company will also offer consulting
services to help customers select and deploy their intranet applications,
content and services.

Workadia’s solutions are designed to increase productivity by giving
employees the ability to conduct business online, and its hosted model is
designed to decrease the total cost of ownership and deployment of intranet
applications. The portals will let companies select hosted and in-house
software applications, content and services and then integrate them into a
single desktop view. Workadia will integrate systems and automate business
processes, allowing real-time information to flow between the portal and
internal enterprise systems. Additionally, Workadia will offer a wide range
of software applications, online services, content and information, including
financial services, e-mail, expense reporting, corporate travel, news, stock
quotes and more.

The new company will begin operating for the near-term under the guidance of Co-founder and Interim-CEO Mohit Mehrotra, who is currently vice president of interactive business development at American Express, and a board comprising Glen Salow, executive vice president and chief information officer at American Express; Jud Linville, president of corporate services, Canada and U.S. at American Express; Raj Mashruwala, executive vice president, marketing and engineering at TIBCO Software; Phaneesh Murthy, Infosys board member and head of worldwide sales and marketing; and Sumir Chadha, managing director, WestBridge Capital Partners.
to provide superior
customer service and marketing, portal development, and technology
integration. American Express is a global leader in servicing companies of
all sizes in a variety of areas, from Corporate Cards to hosted business
travel applications, and has relationships with thousands of business
customers. TIBCO Software will provide its real-time e-business
infrastructure software, which is used by companies such as AOL/Netscape,
Ameritrade and Enron. Infosys, whose core experience is in software
development and integration of enterprises, will provide the services to
seamlessly link the systems of the new and existing applications for each
Workadia customer. WestBridge Capital Partners is a leading U.S.-India focused
venture capital firm that will help Workadia with various start-up activities,
including recruiting of the management team.

“There is an enormous, growing need for this type of service. This need,
combined with the potential to draw customers from the American Express
customer base, should give Workadia a leg-up in capturing market share,” said
Sally Hudson, research manager, Internet Infrastructure Services at IDC, a
market research company based in Framingham, MA. “This partnership and
technology combination shows that Workadia has a fundamental understanding of
what it takes to create a successful e-business.”

How it Works

Workadia’s easy-to-use browser interface requires minimal training, and
its single log-on is designed to give users a single point of access to many
software applications, content and services. Workadia plans to make numerous
business software applications, services and various types of content
available through the portal, including financial services, e-mail, calendar,
expense reporting, corporate travel, human resources, customer relationship
management, sales, e-procurement, news, stock quotes and more. Workadia
portals will offer customers the flexibility to choose from among the leading
Internet software and online service providers in each category.

Workadia plans to facilitate the flow of information between a company’s
new and existing business systems, software applications and services, which
will eliminate redundant data entry and many manual processes. For example

* Changes to Workadia employee profiles will automatically update
information in a company’s human resources databases, 401K plans,
payroll, travel and purchasing systems;

* Travel reservations will automatically post to employee calendars;

* Online corporate purchases will be automatically settled with accounts

Workadia will utilize advanced online security technology to help ensure
the privacy and security of employee and company information. In addition,
the TIBCO e-business infrastructure technology is designed to extend access to
wireless devices and mobile phones.

Business Terms
Workadia’s initial round of funding totals $16.7 million, enhanced by the
strategic assets each company brings to the partnership. The company will
generate revenue from three primary sources licensing fees from customers,
consulting fees, and third-party product and service sales.

The new company will begin operating for the near-term under the guidance
of Co-founder and Interim-CEO Mohit Mehrotra, who is currently Vice President
of Interactive Business Development at American Express, and a board
comprising Glen Salow, Executive Vice President and Chief Information Officer
at American Express; Jud Linville, President of Corporate Services, Canada and
U.S. at American Express; Raj Mashruwala, Executive Vice President, Marketing
and Engineering at TIBCO Software; Phaneesh Murthy, Infosys Board Member and
Head of Worldwide Sales and Marketing; and Sumir Chadha, Managing Director,
WestBridge Capital Partners.

“American Express has extensive experience building strong relationships with and servicing thousands of business customers with a wide range of products and services, including Web-based Corporate Card and travel applications. Through this experience, we know companies have a strong appetite for deploying a broader set of services to their employees,” said Glen Salow, executive vice president and chief information officer at American Express. “We’re pleased to play a role in creating and guiding Workadia, a company with all the right ingredients to quickly deploy a valuable workplace service for corporations.”

“Companies that lack the resources required to integrate and manage critical business systems on the Internet risk extinction,” said Vivek Ranadive, TIBCO chairman and CEO. “Workadia will give companies much broader access to the advantages of real-time e-business in a hosted model, reducing upfront investment and increasing speed to market.”

“Outsourcing of corporate intranets will be the way of the future for companies,” said Phaneesh Murthy, Infosys board member and head of worldwide sales and marketing. “Our own experience in building and integrating systems and connecting enterprises will be invaluable for Workadia as it rolls its services out for all ranges of businesses.”

“Workadia is addressing a large market opportunity and leveraging three powerful corporate partners that provide it with a sustainable competitive edge,” said Sumir Chadha, managing director, WestBridge Capital Partners.

Workadia is currently operating the portal in a pilot phase and plans to
make it more broadly available later this year. More information is available
about Workadia on the Internet at http//www.workadia.com.

About the Companies

American Express Company (http//www.americanexpress.com) is the leading
global provider of commercial cards and expense management solutions. Through
its Corporate Services group, formed in 1982, the company counts more than
70 percent of the Fortune 500, along with tens of thousands of mid-sized
companies, as customers of its Business Travel, Corporate Card, Corporate
Purchasing Card and Consulting Services group. The company offers a variety
of Internet-based products and services for large and mid-sized companies,
including American Express @ Work(R) for online Card program administration
and Corporate Travel Online for online corporate travel reservations. In
addition, the American Express(R) Corporate Purchasing Card offers enhanced
interoperability with most of the leading online purchasing systems.
The American Express Company is a diversified worldwide travel, financial
and network services company founded in 1850. It is a leader in charge and
credit cards, Travelers Cheques, travel, financial planning, investment
products, insurance and international banking.

TIBCO Software Inc. is a leading provider of total business integration
solutions delivering infrastructure software that enables companies to
seamlessly integrate business systems in real-time. TIBCO’s products enable
the real-time distribution of information through patented technology called
The Information Bus(TM), or TIB(R). TIBCO technology was first used to
digitize Wall Street and has since been adopted in diverse industries
including financial services, telecommunications, electronic commerce,
transportation, logistics, manufacturing and energy. TIBCO’s global customer
base includes more than 1,000 customers, such as Cisco Systems, Ariba, NEC,
Enron, Sun Microsystems, GE Capital, Philips, AT&T, Pirelli and AOL/Netscape.
Headquartered in Palo Alto, California, TIBCO can be reached at 650-846-1000
or on the web at http//www.tibco.com.

Infosys Technologies Ltd. is an IT consulting and service provider,
providing end-to-end consulting for global corporations. The company has
partnered with several Fortune 1000 companies providing a wide range of
services for technology driven business transformation initiatives. These
services include e-strategy consulting and solutions, large application
development and enterprise integration services. Infosys also has product
co-development initiatives with numerous communication and Internet
infrastructure companies that are creating the building blocks for the digital

The Global Delivery Model of the company leverages talent and
infrastructure in different parts of the world to provide high quality, rapid
time-to-market solutions. Infosys’ U.S. headquarters is located in Fremont,
California; the company also maintains offices throughout the U.S., Europe and
Asia. For more information, contact Infosys Technologies at +91-80-8520261 in
India, and 510-742-3000 in the U.S. or visit Infosys on the web at

WestBridge Capital Partners (http//www.wbcp.com) is a leading U.S.-India
focused venture capital fund with $140 million under management. The fund
primarily focuses on cross-border U.S.-Indian technology companies that are
targeting the U.S. market. WestBridge was founded by Sumir Chadha, KP Balaraj
and Raj Dugar, who are former Goldman Sachs professionals with substantial
experience in venture capital, investment banking and entrepreneurship.
WestBridge’s investors include Goldman Sachs, SUN Technology, Capital Z
Investments, Merrill Lynch, and Fidelity. Individuals, such as Suhas Patil,
Arjun Malhotra, BV Jagadeesh, Rajat Gupta and Laxmi Mittal, have also invested
in the fund. WestBridge has offices in Silicon Valley, Bangalore, India and
Mubai, India.