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Exhibit 99.1
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FOR MORE INFORMATION CONTACT:
Melanie Flanigan Sandra Dunn
Yodlee VerticalOne
(650) 980-3671 (678) 443-7913
[email protected] [email protected]
Christopher Rogers Sam Perkins
Sterling Hager, Inc. for S1 Corporation Investor Relations for S1 Corporation
617-926-6665 ext. 367 404-812-6200
[email protected] [email protected]
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YODLEE AND VERTICALONE COMBINE FORCES
ACCELERATES DEPLOYMENT OF NEXT-GENERATION AGGREGATION SERVICES
REDWOOD SHORES, CA AND ATLANTA, GA - DECEMBER 1, 2000 - Yodlee and
VerticalOne Corporation, both pioneers and leading providers of account
aggregation services, today announced an agreement to combine forces.
VerticalOne Corporation is a wholly owned subsidiary of S1 Corporation (Nasdaq:
SONE).
The move brings together two leading aggregation technology providers,
creating a powerful new, unified platform for the development and adoption of
next-generation Internet applications and personalized services. The two
companies, on a combined basis, will have 88 customers, including many of the
world's leading global financial institutions and portals, such as Yahoo!, AOL,
Citigroup, Wells Fargo, Chase, and Morgan Stanley Dean Witter. Forty-two of the
customers are already deployed and operational with aggregation services.
Between them, the two companies' services are today managing 1.5 million
accounts and nearly $10 billion in assets. The combination is expected to
further accelerate consumer adoption of aggregation services.
Through the agreement, Yodlee and VerticalOne will create a single,
global platform for aggregation that will be carried forth under the Yodlee
name. Upon consummation of the merger, which is expected by the end of the year,
S1 will
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retain approximately a 32% ownership stake in the combined entity. Anil
Arora, president and CEO of Yodlee, will be the CEO of the combined entity.
Gregg Freishtat, VerticalOne's Founder, Chairman, and CEO, will serve in an
advisory role to senior management. The company will be headquartered in Redwood
Shores, CA, and will maintain an office in Atlanta.
"Aggregation is growing at an unprecedented pace, in both partner
deployments and customer adoption. Combining forces with VerticalOne puts us in
the best position to meet our partners' needs and the rapidly growing demands
for aggregation in the U.S. and internationally," said Anil Arora, president and
CEO of Yodlee. "This deal will provide greater access for our customers to
account aggregation innovations and will lead to the development of standards of
excellence in regards to privacy and security upon which all aggregators will be
measured."
"This is a giant step forward for the aggregation industry and
significantly accelerates our vision of offering leading account aggregation and
transaction services with 'touch' to the world's leading financial institutions
and portals," said Gregg Freishtat, founder, chairman and CEO of VerticalOne.
"The combined customer base and technology know-how of these two
companies will create an unprecedented force in the industry," said James S.
Mahan III, chairman of the board of directors for S1 Corporation. "As a major
reseller of account aggregation, we will be poised to fully leverage the
momentum generated by the merged entity and provide S1 customers with
unparalleled aggregation services. At the same time, by divesting our interest
in the VerticalOne subsidiary, S1 will further sharpen focus on its core
business."
TECHNOLOGICAL SYNERGIES AND MARKET OPPORTUNITIES
Yodlee and VerticalOne customers will receive the advantages of an
integrated, more comprehensive aggregation platform. Yodlee has been focused on
building expertise in the consumer-facing aspects of aggregation, including a
heavy emphasis on the next-generation of applications and features that extend
the utility
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of today's aggregation services. VerticalOne's expertise is in building a
comprehensive back-end data warehouse that allows customers to develop more
targeted and meaningful product offerings. The new, combined product will
greatly enhance customers' ability to achieve increased consumer intimacy and
loyalty by bringing together the best aspects of each platform. The result is a
world-class aggregation offering that is unparalleled.
Additionally, the combined entity will draw on operational synergies
with S1 Corporation and its state-of-the-art, secure Data Center. The center
accommodates millions of users and transactions daily and meets the most
stringent security requirements of the top financial institutions in the world.
According to Morgan Stanley Dean Witter, there will be 22 million users
of account aggregation services by 2003.
ABOUT YODLEE
Yodlee is a pioneer and leading provider of personal account aggregation
services on the Internet. Yodlee's Aggregation Platform is powering the
next-generation personal services to be offered by over 55 co-brand partners,
including AOL, Chase, Citibank, Intuit, AltaVista, E*TRADE, First Union, Morgan
Stanley Dean Witter, Palm Computing, and many other leading global institutions.
Yodlee-powered services are revolutionizing the way consumers manage their
online lives by providing dynamic summaries and one-click access to personal
account information - including bank balances, travel reservations, e-commerce
sites, email, news, and more - from thousands of leading web sites and data
sources. Users can access their personal information from any PC, PDA, or
web-enabled phone. Yodlee is backed by venture capital firms Accel Partners and
Sequoia Capital and an elite group of private and corporate investors. The
Company is based in Redwood Shores, California and can be reached at (650)
980-3600 or toll-free at 877-296-3533, [email protected], or www.yodlee.com.
ABOUT VERTICALONE CORPORATION
Headquartered in Atlanta, VerticalOne is a pioneer of personal account
aggregation and transaction services. VerticalOne has built an information
infrastructure that empowers Internet destination sites to offer their online
customers a single point-of-access to a wide variety of personal content and
account information including reward programs, communications, investments, bank
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statements, and other bills or personal accounts. With over 25 sites deployed,
VerticalOne's distributors include AnyDay.com, Centura Bank, CNBC.com,
FreeRealTime.com, GO Network, INTRUST Bank, LifeMinders, OnMoney.com,
SmartMoney, The Motley Fool, VirtualBank, Wells Fargo, and Yahoo!. VerticalOne
is a wholly owned subsidiary of S1 Corporation (Nasdaq: SONE). More information
about VerticalOne can be obtained from the World Wide Web at
http://www.verticalone.com or by email to [email protected].
ABOUT S1 CORPORATION
S1 (Nasdaq: SONE), the pioneer of Internet banking, is a leading global
provider of innovative eFinance solutions and services that are centered on
banking, brokerage and insurance. S1 is enabling financial service providers to
create a complete Enterprise eFinance Experience(TM) by delivering the tools
necessary to meet the evolving demands of their customers across various lines
of businesses, market segments and delivery channels. Through its Open eFinance
Architecture(TM), S1 offers a broad range of applications that empower financial
institutions to increase revenue, strengthen customer relationships and gain
competitive advantage. Additionally, through the Company's professional services
organization, S1 applications can be implemented in-house or hosted in an S1
Data Center. Additional information about S1 is available at http://www.s1.com.
# # #
Yodlee, Yodlee.com, and Yodlee2Go are trademarks of Yodlee.com, Inc. All other
names and trademarks are the property of their respective owners.
FORWARD-LOOKING STATEMENTS
This press release includes statements and other matters which are
forward-looking and subject to a number of risks and uncertainties that could
cause actual results to differ materially from expectations. The statements
contained in this release that are forward-looking are based on current
expectations and are subject to risks and uncertainties that could cause actual
results to differ materially from the results contemplated by the
forward-looking statements. These risks and uncertainties include, but are in no
way limited to:
- the possibility that the anticipated benefits from our acquisition
transactions will not be fully realized;
- the possibility that costs or difficulties related to our integration of
acquisitions will be greater than expected;
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- our dependence on the timely development, introduction and customers
acceptance of new Internet services;
- rapidly changing technology and shifting demand requirements and
Internet usage patterns;
- other risks and uncertainties, including the impact of competitive
services, products and prices, the unsettled conditions in the Internet
and other high-technology industries and the ability to attract and
retain key personnel; and
- other risk factors as may be detailed from time to time in our public
announcements and filings with the SEC, including the Company's annual
report on Form 10-K for the year ended December 31, 1999.
In addition, nothing in the press release should be viewed as an update or
comment on earlier forward-looking statements provided by S1 Corporation. As
noted above, because actual results, performance or developments may differ
materially from forward-looking statements, S1 will not update such statements
over the course of future periods, except in the course of our reports under
applicable laws.
