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Technology Stocks : CheckFree (CKFR)
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To: Charlie Smith who wrote (730)10/29/1997 4:16:00 PM
From: Brooks Jackson  Read Replies (1) of 8545
 
The key points I heard in the replay of today's conference call re Integrion:

--CKFR now gets all the old banks and customers of Visa Interactive's e-bill operation (which Integrion acquired). That's about 65 additional banks, PLUS Merrill Lynch and Fidelity. But initially it's only about 40,000 additional customers (because VI was only getting started when they threw in the towel.)However, VI customers were growing at about 30% per quarter.

--CKFR made no pricing concessions.

--The first 3 million warrants vest with signing. The rest are tied to specific volume targets. Kight was not specific, but it sounds as though it would take several years for all those warrants to vest and for the full dillution to take effect. (Personally, I wouldn't mind a small dilution if it gets CKFR up to the point where 15% of all U.S. households are customers.)

--CKFR and Integrion together will account for more than 75% of all U.S. checking accounts, which Kight said should encourage more merchants to go with CKFR's e-bill product. Makes it clear CKFR is the dominant player.

--Kight does not expect any impact on CKFR's bottom line for 12 months, but "significant" increase in customers and business over following two to four years.
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