Monday December 13, 7:01 am Eastern Time
Company Press Release
SOURCE: cavion.com
cavion.com Signs Multi-Million Dollar Deal
With Convergent Communications for
Enterprise Network Support
Partnership Will Expand cavion.com's CUiNET Network for Credit Unions
DENVER, Dec. 13 /PRNewswire/ -- cavion.com (Nasdaq: CAVN - news), a leading credit
union business-to-business communications and Internet services company, and Convergent
Communications(TM), an Enterprise Network Carrier providing single source business
communications solutions, today announced that Convergent Communications will be
cavion.com's exclusive provider of network services and support for cavion.com's nationwide
CUiNET (R) network. CUiNET (the Credit Union interactive Network) is a private
business-to-business Internet communications network designed exclusively for the credit union
industry. During the course of the five-year contract, cavion.com anticipates purchasing
approximately $25 million worth of additional services on Convergent Communications'
enterprise network.
The Enterprise Network Services (ENS) agreement will permit cavion.com to deploy its
national CUiNET network faster and without the expenditure of the approximately $14 million of
network capital that was originally planned, by utilizing Convergent Communications' state of
the art IP + ATM network instead. In addition, the company believes that the cost savings
provided by outsourcing its nationwide CUiNET service needs will enable cavion.com to
aggressively price its products and services to its credit union customers.
ENS, Convergent Communications' signature offering, allows cavion.com to gain and maintain
complete control of its communications without having to own and support the infrastructure.
Convergent Communications owns the data, voice and other communications networks within a
customer's premises in exchange for a monthly service agreement to manage, maintain and
upgrade that network.
``This agreement provides cavion.com with a firm foundation as we move forward to become
the leading nationwide provider of secure Internet business-to-business network and online
banking services to the credit union industry,' said David J. Selina, president and CEO of
cavion.com. ``We are now positioned to greatly expand our network to meet the growing needs
of our customers.'
``ENS allows cavion.com to execute its national expansion by leveraging Convergent
Communications' nationwide infrastructure and technical resources,' said John R. Evans,
chairman and chief executive officer of Convergent Communications. ``We are very pleased that
cavion.com chose us as its Enterprise Network Carrier.'
CUiNET is a secure private network developed exclusively for the credit union industry.
CUiNET provides secure communications connections to deliver services and information to
and from credit unions and related organizations such as corporate credit unions, credit union
leagues and credit union vendors. |
