LENDX Implementation Positions ADP for Huge Cost Savings; Company Providing Equipment Finance Solutions to the Fortune 500 Attracts a New CEO and Closes Series B Financing

Business Wire, Feb 25, 2002

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--Feb. 25, 2002

LENDX, the leading provider of management applications and commerce services for equipment financing, announced benchmarks in its customer implementation process.

ADP Credit Corporation, having implemented LENDX applications, has realized cost savings by standardizing and streamlining the equipment financing processes within the organization.

"With real-time access to equipment financing information and analytics, we have improved our equipment financing business process through utilizing LENDX RFP Manager nearly every day," noted Tony Pacchiano, Senior Director, ADP Credit Corporation. "We are impressed with LENDX technology and the team behind it and anticipate substantial cost savings, continued product enhancements, and first rate professional services support for years to come."

"We are excited about the advances that we are making with enterprise customers and will continue to focus on customer satisfaction as our number one priority," responded Scott Martin, CEO of LENDX.

Martin, formerly CEO of diCarta, recently joined LENDX, replacing interim CEO Lou Vigliotti. Vigliotti will lead the company's Leasing Vertical Consulting Services organization going forward. Kirk Cruikshank of the LENDX Board said, "Scott brings enterprise software experience to a rapidly growing company solving real problems for large corporations. Under his leadership, we anticipate that LENDX can leverage its equipment finance industry expertise and in-house technology team to best serve its customers."

LENDX closed its Series B financing with long-time investors Mohr Davidow Ventures and New Enterprise Associates in December 2001.

"With renewed support from NEA and MDV, we aim to further hone the services that LENDX provides and realize the company's vision of saving Fortune 2000 companies millions of dollars through innovative solutions that streamline corporate equipment financing," said Martin.

About ADP Credit Corp

ADPCC is the captive financing arm of Automatic Data Processing, Inc. (NYSE: ADP). Its mission includes supporting the sale of on-site computing systems. ADPCC works with customers to find solutions which will help them to conserve capital, improve cash flow and benefit from the latest technology. Since 1984, ADPCC has provided sales support to ADP business units and value-added services to thousands of clients. ADPCC has developed programs geared to businesses of all sizes. Over the last three years, 85% of ADP's clients who require financing have chosen ADPCC as their leasing source of choice. ADP is one of the largest global providers of computerized transaction processing, data communications and information services, with more than $6 billion in revenues and 500,000 clients worldwide. More information on ADP Credit Corp. and ADP is available via the Internet at www.adpcredit.com and www.adp.com.

About LENDX

LENDX is the leading provider of management applications and commerce services for equipment finance and other financing instruments. Its integrated suite of web-based applications and services improves efficiency, increases control and reduces costs by providing large companies with solutions that address the entire financing lifecycle. Delivered as a hosted service, LENDX applications and related services provide secure and intuitive solutions for managing financing obligations that can be fully deployed in days.