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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel? -- Ignore unavailable to you. Want to Upgrade?

To: David H. Zimmer who wrote (8397)	7/25/1999 10:51:00 PM
From: David H. Zimmer	Respond to of 20297

Here's the Competition discussion as stated: Competition Increased competition in the electronic bill presentment and payment market could have a material and adverse effect on our business, operating results and financial condition. We believe that the principal competitive factors are: . ability to identify and respond to customer needs; . technical expertise; . quality of the service; . price of the service; . breadth of distribution; and . possible preexisting relationships between companies that process paper bills or lockbox service providers and our potential customers. In addition to the foregoing, our Internet bill publishing service also faces competitive pressures from various third-party software vendors, which provide some of the software necessary for the development of an integrated, in-house Internet bill presentment and payment service. In addition, these companies could potentially leverage their existing capabilities and relationships to enter the outsourced Internet bill presentment and payment market. Many of our actual and potential competitors have significantly greater financial, marketing, technical, sales and customer support and other resources, larger customer bases and longer relationships with customers than we do. In addition, some of these potential competitors may be able to devote greater resources to the development, promotion and sale of their services, adopt more aggressive pricing strategies and devote substantially more resources to the development of technology and systems development than we are able to. Increased competition may result in reduced operating margins, loss of market share and diminished value of our services, as well as different pricing, service and marketing strategies. We may not be able to compete successfully against current and future competitors, and competitive pressures we face could have a material adverse effect on our business, operating results and financial condition. If this is not enough, did you realize that all of their upper level management has been with the company for less than six months? I am starting to wonder if this one is going to get off the ground. Well back to the filing.

To: David H. Zimmer who wrote (8397)	7/25/1999 11:08:00 PM
From: g_m10	Read Replies (1) \| Respond to of 20297

It's hard to see how ECOM could be perceived as a serious threat to CKFR. Service fees were ... $2.4 million for the year ended December 31, 1998 At that time CF was making more in one week than ECOM in a whole year. some financial institutions electing to bring these services in-house. Here we go. Now, when ECOM go from private to public and have to report to SEC, we start seeing some skeletons in the closet coming to day light. Don't remember hearing about CF's customers going back to home processing. All in all, not too much to brag about on IPO. IMHO On the side note. There is a thread on Princeton ECOM. Message 9626721 The only post on that thread says that BancBoston Robertson Stephens was among underwriters in May 99 <not now according to the last filing>. It, probably, gives one more explanation of Crafty's animosity.