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Technology Stocks : CheckFree (CKFR) -- Ignore unavailable to you. Want to Upgrade?

To: TLindt who wrote (5507)	7/1/1998 7:40:00 AM
From: Benny Baga	Read Replies (1) \| Respond to of 8545

CheckFree Corporation To Sell Mortgage Products Division To London Bridge Software Holdings plc ATLANTA AND LONDON (July 1, 1998) - CheckFree (NASDAQ: CKFR), the nation's leading provider of financial electronic commerce transaction processing, and London Bridge Software Holdings plc, a London-based software and consulting company, today jointly announced that they have reached an agreement in principle for London Bridge to acquire CheckFree's Mortgage Products Division. The financial terms of the agreement are withheld pending further negotiations and the execution of a definitive agreement. The deal is expected to close in late July. London Bridge, with U.S. operations in Charlotte, N.C., and Atlanta, acquired CheckFree's Recovery Management Services business in August. The Mortgage Products Division operations and most of its 103 associates will remain based in Atlanta and Orlando, Fla., and the transaction is expected to be transparent to customers. CheckFree announced in April its intention to divest seven of its software businesses to focus on financial electronic commerce processing. To date, the company has sold its check processing, electronic cash management, and wire transfer businesses. CheckFree expects to complete the announced divestitures by the end of July. Gordon Crawford, chairman of London Bridge, said, "We are delighted to be able to extend our arrears management services to loan origination and servicing through the suite of software products we will acquire in this transaction. We have been very pleased with the reception our offerings have been given in the U.S. financial services markets and these products will enable us to extend the same level of service to a related segment of the market." Sean Feeney, president of CheckFree's Software Division, said, "We were very pleased by the reaction of our associates and of our customers to London Bridge's management of our recovery management business, and we are confident that our mortgage associates and customers will be similarly impressed. London Bridge has earned a sterling reputation among lenders here in the United States, and their acquisition of our mortgage products makes a great deal of sense." About the Mortgage Products Division CheckFree's Mortgage Products Division is comprised of products for the origination (TMO, Marketer Pro & FORUM), servicing (LSAMS) and default management (FORTRACS, TPLS and TCL) of the mortgage lending industry. These products are in use by over 400 customers. About London Bridge Software Holdings plc London Bridge Software Holdings plc specializes in the provision of software and the associated consulting for the management of credit risk and delinquency. The company is based in Central London in the UK, Charlotte, N.C., in the United States, and Singapore. Since its formation London Bridge Software Holdings plc has become the leading supplier of modern arrears management systems to the retail banking communities. The company is rapidly achieving a similar presence in the utilities market as their requirements grow as a result of deregulation. The company also supplies general financial systems for a wide range of applications. About CheckFree Founded in 1981, CheckFree Corporation, the operating subsidiary of CheckFree Holdings, Inc. (www.checkfree.com), is the leading provider of electronic commerce services, software and related products for more than two million consumers, 1,000 businesses and 850 financial institutions. CheckFree designs, develops and markets services that enable its customers to make electronic payments and collections, automate paper-based recurring financial transactions and conduct secure transactions on the Internet.