CheckFree Strengthens Investment Services Leadership with Acquisition of Upstream Technologies LLC
May 21 2007 - 9:59AM
PR Newswire (US)
ATLANTA, May 21 /PRNewswire-FirstCall/ -- CheckFree Corporation
(NASDAQ:CKFR) today announced that it has signed a definitive
agreement to acquire substantially all of the assets of Upstream
Technologies LLC, a Boston-based provider of advanced investment
decision support and trade order management tools to the investment
management marketplace. The business will be integrated with the
CheckFree Investment Services Division, which provides the
market-leading platform for the managed accounts industry,
including portfolio management, client reporting and the largest
data network available to broker/dealers, money managers and
investment consultants. The CheckFree Investment Services Division
is headquartered in Jersey City, New Jersey. This acquisition
enables CheckFree to deliver the Upstream web-based model
management, decision support, trading and real-time order
management tools as complementary capabilities to the CheckFree
core platform today, addressing key customer priorities. The
Upstream Model Management System (MMS), Investment Management
System (IMS), and Order Management System (OMS) can be integrated
with CheckFree's existing platform and is expected to serve as the
front end for future CheckFree investment management platforms.
"With our agreement to acquire Upstream, CheckFree is reaffirming
its commitment to technology and industry leadership in the managed
accounts market, with key functionality that clients have been
requesting," said Michael Gianoni, executive vice president and
general manager of the CheckFree Investment Services Division. "The
addition of Upstream's skilled engineering team, as well as its
highly regarded decision support, trading and order management
platform, will enable us to deliver the best-in-class platform to
our customers, and position us to continue our industry-leading
position in managed accounts," Gianoni continued. "This is a
significant step forward in executing on the CheckFree strategy for
the investment management and wealth management industry."
CheckFree is acquiring the assets of Upstream for $28 million in
cash, and the transaction, which is subject to customary closing
conditions, is expected to close by the end of May. The transaction
is expected to be inconsequential to revenue and earnings per share
for the fourth quarter of fiscal 2007. About Upstream
(http://www.upstream.net/) Upstream Technologies, the Efficient
Portfolio Company, is a leading provider of powerful investment
management solutions for today's asset managers. The Upstream
integrated suite of products, which includes an investment
management system, model maintenance system, and order management
system, combines industry-accepted best-practices with advanced
technology to deliver a unique, proven service that streamlines the
investment management process. By automating many of the repetitive
tasks, asset managers quickly and seamlessly apply their market
insight to develop active, high-performing portfolios. For more
information, please visit http://www.upstream.net/. About CheckFree
(http://www.checkfreecorp.com/) Founded in 1981, CheckFree
Corporation (NASDAQ:CKFR) provides financial electronic commerce
services and products to organizations around the world. CheckFree
Electronic Commerce solutions enable thousands of financial
services providers and billers to offer the convenience of
receiving and paying household bills online, via phone or in person
through retail outlets. CheckFree Investment Services provides a
broad range of investment management solutions and outsourced
services to hundreds of financial services organizations, which
manage about $1.8 trillion in assets. CheckFree Software develops,
markets and supports payment processing solutions that are used by
financial institutions to process more than two-thirds of the 14
billion Automated Clearing House transactions in the United States,
and supports reconciliation, exception management, risk management,
transaction process management, corporate actions processing, and
compliance within thousands of organizations worldwide. Certain of
the Company's statements in this press release are not purely
historical, and as such are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These include statements regarding management's intentions, plans,
beliefs, expectations or projections of the future (paragraphs 1,
2, 3, 4, 5 and 6). Forward-looking statements involve risks and
uncertainties, including without limitation, the various risks
inherent in the Company's business, its ability to successfully
integrate acquired companies and other risks and uncertainties
detailed from time to time in the Company's periodic reports filed
with the Securities and Exchange Commission, including the
Company's Annual Report on Form 10-K for the year ended June 30,
2006 (filed September 8, 2006), Form 10-Q for the quarter ended
September 30, 2006 (filed November 8, 2006), Form 10-Q for the
quarter ended December 31, 2006 (filed February 8, 2007) and Form
10-Q for the quarter ended March 31, 2007 (filed May 10, 2007). One
or more of these factors have affected, and could in the future
affect the Company's business and financial results in future
periods, and could cause actual results to differ materially from
plans and projections. There can be no assurance that the
forward-looking statements made in this press release will prove to
be accurate, and issuance of such forward-looking statements should
not be regarded as a representation by the Company, or any other
person, that the objectives and plans of the Company will be
achieved. All forward-looking statements made in this press release
are based on information presently available to management, and the
Company assumes no obligation to update any forward-looking
statements. DATASOURCE: CheckFree Corporation CONTACT: Media
relations, Judy DeRango Wicks, +1-678-375-1595, ; or Investor
relations, Tina Moore, +1-678-375-1278, , both of CheckFree
Corporation Web site: http://www.checkfreecorp.com/
http://www.upstream.net/
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