PRINCETON, N.J., Jan. 29, 2002 — Princeton eCom, a provider of electronic billing and payment services, said today that its revenues increased approximately 70% in 2001, as compared to 2000, as it continued to add billers and financial institutions to its client base.
“We continued to experience significant growth in 2001 in our billing and payments businesses despite a difficult economic environment,” said Ronald Averett, Princeton eCom’s president and chief operating officer. Princeton eCom also announced the election of Parris H. Holmes, Jr. as Chairman of the Board of Directors of Princeton eCom.
Holmes is Chairman of the Board and CEO of New Century Equity Holdings, a holding company focused on high-growth, technology-based companies and investments. The Company’s holdings include its investments in Princeton eCom, Tanisys Technology, Inc., Microbilt Corporation and Sharps Compliance Corp.
In a review of the company’s major highlights in 2001, Averett noted that Princeton eCom:
* Completed a $13 million private equity capital investment led by New Century Equity Holdings and Mellon Ventures, the private equity partnership of Mellon Financial Corp.
* Increased its monthly bill presentment and payment transactions to more than 3.5 million payments, approximately 750,000 bills presented through biller-direct web sites, and 1 million bill presentments and payments by telephone each month.
* Added 24 biller clients, bringing the total number to 74.
* Added 344 financial institution clients, bringing the total number to 1,174
* Implemented two business-to-business sites for Fortune 50 companies through Princeton eCom’s strategic alliance with Bottomline Technologies.
* Introduced the eMersion marketing system, a turnkey consumer adoption program designed to increase enrollments in online bill presentment and payment services
* Continued development of its enhanced payment platform that will be introduced this year.
* Launched a standardized business-to-consumer billing and payment product
“With solid financial backing, a solid and growing client base, a diverse suite of payment services, and a business plan in place to take it to the next level of business success, we believe Princeton eCom is well positioned for continued growth in 2002,” Averett said.
ABOUT PRINCETON eCOM: Princeton eCom, the first company to present a bill on the Internet, provides electronic billing and payment processing services to billers, banks and financial institutions. On a monthly basis, Princeton eCom processes more than 3.5 million payment transactions, presents and presents more than 750,000 bills online through biller direct websites and handles more than 1 million telephone bill presentments. In addition to its core billing and payment services, Princeton eCom also offers electronic collection and one-time-payment services as well as electronic balance transfer services.
Princeton eCom is a privately held company. Major investors include New Century Equity Holdings Corp., Mellon Ventures, the private equity partnership of Mellon Financial Corporation, SG Capital Partners LLC, the U.S. merchant banking affiliate of Societe Generale, Bottomline Technologies,Terra Lycos Ventures L.P., a venture capital fund affiliated with Terra Lycos, Inc., and BT Investment Partners, Inc.
Additional information about Princeton eCom can be obtained at www.princetonecom.com.