CKFR Checkfree Corp (MM)

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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