Wednesday June 16, 4:03 pm Eastern Time
Company Press Release
SOURCE: CFI ProServices, Inc.
CFI ProServices: Nation's Leading Provider of Integrated Financial Technology Unveils New Name; Nasdaq Ticker Symbol to Change
PORTLAND, Ore., June 16 /PRNewswire/ -- To reflect its expanded focus on providing broad-based technology solutions to the financial services industry, CFI ProServices, Inc. (Nasdaq: PROI - news) today announced that it will change its name to Concentrex, Incorporated. The new name is effective July 1, 1999, at which time the Nasdaq trading symbol will become CCTX.
''The name Concentrex embodies our strategic mission of empowering financial institutions with the technology and services they need to deepen their relationships with their customers, and to grow and expand their own business,'' said Matt Chapman, chairman and chief executive officer of Concentrex, Incorporated. ''Concentrex symbolizes a common center or focus. Our new name clearly communicates our company's greatest strength, our focus on the customer -- both ours and the financial institution's.''
The company announced its plans to change its name in May with its acquisition of MECA Software LLC, a pioneer in home banking and electronic commerce, and its pending acquisition of ULTRADATA Corp., a leading provider of information management services.
''We have grown significantly since we went public in 1993, both in terms of scope and in technology offerings,'' said Chapman. ''We are now capable of meeting the total technological needs of our customers of all types and sizes. Whether a financial institution's strategic thrust is toward automating lending, operations, retail delivery or emerging fields of electronic commerce, we are able to offer best-of-breed solutions coupled with real-time information management.''
Concentrex combines in one company real-time information management technology with integrated software solutions for branch automation, loan origination, new account opening, cross selling, sales and service, call centers, and online financial services. Solutions range from PC banking and bill payment to personal financial management and e-commerce.
Since going public in 1993, Concentrex has grown revenues to an annualized 1999 level of $150 million (including the MECA and pending ULTRADATA acquisitions), more than doubled its customer base, and has expanded its operations to include 1,100 employees in 12 offices across the United States. The company's customer base of over 5,400 financial institutions includes 52 of the nation's top 100 banks. Over half of all commercial banks in the United States use at least one Concentrex product. Today, over one million consumers use Concentrex technology to perform on-line banking functions through their financial institutions. Additionally, the company will provide information management services to nearly 1,000 financial institutions upon the completion of the ULTRADATA acquisition, scheduled for August 1999.
Concentrex, Incorporated of Portland, Oregon is a leading provider of technology-powered solutions to deliver financial services including solutions for real-time back office accounting, branch automation, loan origination, new account opening, call centers, cross selling of products and electronic commerce. Its temporary World Wide Web address is www.cfipro.com.
This release contains forward-looking information and estimates of performance that involve risk and uncertainty. Concentrex's product offerings are subject to change, cancellation and performance. For additional information, please refer to the Company's Securities and Exchange Commission reports filed under the Securities Exchange Act.
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