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SFNB and BSVN Announce Strategic Alliance, Exchange of Equity
Monday August 3, 4:05 pm Eastern Time
Company Press Release
SOURCE: Security First Network Bank
Security First Technologies And BroadVision, Inc. Announce Strategic Alliance And Equity Exchange
Former Competitors S1 and BroadVision Team up to Integrate and Develop Market-Leading Internet Products for Financial Services Institutions
ATLANTA and REDWOOD CITY, Calif., Aug. 3 /PRNewswire/ -- Security First Technologies (S1), a wholly owned subsidiary of Security First Network Bank (Nasdaq: SFNB - news), and BroadVision, Inc., (Nasdaq: BVSN - news), today announced a significant alliance which includes cross equity investment, joint product development, joint marketing and a major reseller relationship. S1 is the leading provider of Internet-based financial services applications in North America. BroadVision is the leading worldwide supplier of one-to-one Internet applications for relationship management.
The companies have executed an agreement to develop and market products based on Virtual Financial Manager(TM)(VFM), S1's suite of Internet-based financial services applications and BroadVision's one-to-one Internet applications for relationship management including the BroadVision One-To- One(TM) application system. The two companies will work together to provide end-to-end Internet solutions for the financial services industry including: software, professional services, training, outsourcing services and support.
The resulting integrated and next generation products will be marketed to banks, brokerage firms, insurance companies and other financial services providers. Ultimately, these products will allow financial institutions to create a personalized hub for Internet customers with:
* a consolidated view of their customer's financial relationship with the
specific institution
* customer-specific messages designed to sell products and services
* and personalized content and alerts tailored for the customer's needs.
''The relationship between BroadVision and S1 is very interesting from several perspectives, particularly in the way the two companies and their products complement each other,'' said Octavio Marenzi, research director, Meridian Research. ''The alliance brings BroadVision's one-to-one relationship management capabilities and makes them available to S1's strong customer base.''
''The BroadVision and Security First alliance makes excellent sense, especially for the targeted financial services industry,'' said Ian Rubin, senior technology analyst, The Tower Group. ''The financial services industry has begun to move from a transactional phase into an interactive phase with their Internet Banking services. We see the intersection of these two phases as an area of key growth and with this alliance, BroadVison and S1 are well positioned to capitalize on that growth.''
''Together these products will enable financial institutions to deliver personal financial data, customized content and advertising messages to the eCustomer right over the Internet,'' said James S. Mahan, III, chief executive officer of Security First Technologies. ''The eCustomer represents a significant portion of a financial institution's revenue generating opportunity.''
Mahan added, ''Together, we'll give financial institutions the power to create a highly personal and mutually satisfying relationship with their electronic customers. The relationship between the customer and the financial institution is key to succeeding in the marketplace. The S1/BroadVision solution gives financial institutions the ability to close sales over the Internet and win a lion's share of the customer's wallet.''
Dr. Pehong Chen, president and chief executive officer of BroadVision said, ''Financial institutions can leverage the advanced personalization capability of the BroadVision product to excel in managing their relationship with their customers. With our combined solution, financial institutions can listen to what customers want, see what interests them personally, then respond with products and services customers need in a way no one has ever done before.''
Dr. Chen added that it's refreshing when two former competitors join forces to offer more powerful solutions to their mutual customers and the marketplace. ''It shows that both S1 and BroadVision can offer more for our customers together than separately. To that end, we think we've created the most compelling way for financial institutions to meet the needs of their customers.''
Highlights of the Strategic Alliance:
1. Joint product development involving the integration of VFM with
BroadVision One-To-One Financial.
2. S1 has purchased a license to use BroadVision products internally at
its Data Center where a number of current S1 customers are processing
their Internet transactions.
3. S1 has entered into a reseller agreement with BroadVision enabling S1
to sell the combined solution to S1 customers.
4. The companies have agreed to develop joint marketing and sales
programs to provide Internet-based financial services solutions to
the market.
5. The companies have agreed to exchange $3 million of each other's stock
upon the completion of the sale of SFNB's banking operations to Royal
Bank of Canada [NYSE:RY - news], anticipated to close during the third quarter.
About Security First Technologies (S1)
Security First Technologies (S1) is a wholly owned subsidiary of the world's first Internet bank, Security First Network Bank (Nasdaq: SFNB - news). S1 develops integrated, brandable Internet applications that enable financial institutions to offer products, services and transactions over the Internet in a secure environment. S1 also offers strategic marketing support, training, product integration, and customer and data service center outsourcing. S1, through direct sales and channel partnerships, has agreed to provide software applications and technology to 81 financial entities, including 14 of the top 100 U.S. financial institutions. S1 can be reached at www.S1.com.
About BroadVision
Founded in 1993, BroadVision, Inc. (Nasdaq: BVSN - news) is the leading worldwide supplier of one-to-one Internet applications for relationship management across the extended enterprise. These end-to-end solutions enable companies to rapidly deploy and cost-effectively operate secure, scalable, intelligent and flexible electronic business and knowledge management applications for the financial services, retail/distribution, high technology, telecommunications and travel/leisure industries. BroadVision has more than 210 customers worldwide, including leading financial services institutions, Citibank, Credit Suisse, Development Bank of Singapore, Argentaria, and Silicon Valley Bank. BroadVision is headquartered in Redwood City, California and maintains an extensive network of subsidiaries and licensed resellers in North and South America, Europe and Asia. The company can be reached at 650-261-5100 or on the World Wide Web at www.broadvision.com .
Forward Looking Statements
Statements in this news release concerning future results, performance, expectations or intentions are forward-looking statements. Actual results, performance or developments may differ materially from forward-looking statements as a result of known or unknown risks, uncertainties and other factors, including those identified in the Company's prospectus dated May 3, 1996 and those described from time to time in the Company's other filings with the Office of Thrift Supervision, press releases and other communications.
BroadVision is a registered trademark of BroadVision, Inc. BroadVision One-To-One is a trademark of BroadVision, Inc.
Following is an example of what a Financial Institution's Internet hub could include in a consolidated personalized form.
Financial Institution's Electronic Product Set:
banking accounts
bill payment capabilities
certificates of deposit
credit cards
investments
lines of credit
loans
money market funds
Products and Services a Financial Institution might sell to customers over
the Internet:
* automobile loans
* brokerage services
* certificates of deposit
* credit cards
* lines of credit
* new mortgage products
Examples of Personalized and Customized content:
* customer-selected news choices (financial, general, technology)
* community chat rooms
* financial tools like calculators
* sports
* weather
SOURCE: Security First Network Bank |
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