Alogent Continues Record Growth in the U.S. Deposit Automation Market; Software Leader's Two Year CAGR Exceeds 79 Percent

Business Wire, Jan 25, 2006

ATLANTA -- Alogent Corp. today announced that its U.S. revenue results for 2005 have grown by 27% over 2004 with contract bookings increasing by 46% from 2004 to 2005. This progression continues Alogent's track record of over 79% U.S. revenue compound annual growth rate (CAGR) over the past two years and is fueled by all banking sectors including Top Tier institutions, regional and community banks, credit unions, and processors.

Alogent is the dominant distributed capture solution provider with more than 31,000 points of presentment desktops. In 2005, Alogent averaged over 200 desktops sold per week and the company expects the strong demand for its solutions to continue to grow at an accelerated pace for the next several years. This growth is an expectation that is supported by leading industry analysts. According to Robert Hunt, a Senior Analyst at Needham, MA.-based TowerGroup, spending on distributed capture solutions will increase by more than 50% annually over the next three years.

"We are excited about our 2005 results and the rapid progress that we have made in the U.S. market," said Brian Geisel, CEO and founder of Alogent. "At the time of impending Check 21 legislation, we made a strategic decision to enter the domestic financial services market with significant R&D investments in our U.S.-based Sierra solution set. In just a few short years, we have effectively leveraged our product investment, deep knowledge and experience in delivering distributed capture to the European market to provide the most robust deposit automation solution available in the U.S. Our success in leading the transformation of the payments industry in growth rate and number of deposit automation desktops is a testament to the quality and dedication of our products and the team of experts that stand behind them."

Alogent's Sierra Deposit Automation solutions are deployed across all crucial banking customer touch points - branches, ATMs, cash vaults, and bank's commercial customers at more than 50 banks in the U.S. and U.K, including several of the top 25 U.S. banks such as HSBC, Key Bank, and SunTrust. Alogent shares its success with both channel partners and financial institutions that have effectively integrated and deployed the Sierra products across a significant number of desktop solutions including multiple market leading teller applications, ATM providers, cash vault solutions, and corporate systems. During 2005, these investments and successes have provided integrated and referencable turnkey Check 21 truncation deployments throughout the industry.

According to Hunt, "Check 21 has created a unique opportunity for U.S. banks to reengineer their deposit processing. TowerGroup believes that the business case for distributed capture will improve significantly over the next 2-3 years as banks agree to image-based electronic check presentment."

"Alogent and the industry have experienced significant growth in 2005 as banks have rapidly adopted deposit automation at multiple points of presentment," said Paul J. Citarella, EVP at Alogent. "The aggressive rate at which banks are pursuing deposit automation solutions today is evidence that the banking industry has entered an era of laser focus on the bottom line and is intent on improving the customer experience in the retail and corporate banking divisions.

Based on Alogent's internationally recognized Sierra Solution platform, the company's product set integrates Sierra Xpedite(R) for deposit automation at a bank's branch and/or client locations with Sierra Xchange(R) in the bank's processing center for Straight Through Check Processing(TM). All Sierra Xpedite products leverage Microsoft .NET framework, with Smart Client architecture, which combines the ease of deployment of Web-based thin clients with the rich user interface of desktop-based thick client applications for remote deposit automation.

About Alogent

Founded in 1995, Alogent Corporation is a leading global provider of enterprise payment processing solutions that enable financial institutions and processors to accelerate the conversion of paper to electronic processing. The company's Sierra suite of solutions automates payments and deposits at every point of presentment (including branches, ATMs, merchants, corporations and cash vaults) while optimizing electronic data and image processing and settlement. Alogent is the deposit automation market leader with our platform processing billions of payments annually with over 31,000 desktop points of presentment sold. The company's customers include HSBC, KeyCorp, Lloyds TSB and SunTrust, among others. Alogent brings proven delivery and leadership to help customers worldwide address mission-critical challenges. For more information, visit www.alogent.com or call 800.333.6030.