2003 Breakthrough Year for P&H: Banking Software Company Adds Significant Clients, Partners, and Personnel.Business Editors/High-Tech Writers NEWTON, Mass.--(BUSINESS WIRE)--Feb. 9, 2004 P&H, the leader in web-based corporate banking, announced today that 2003 was the most successful year in the company's 20-year history. With over 60 completed implementations for the year, P&H saw more than a 25% increase in revenues and a 50% increase in new business. P&H also was ranked #1 in cash management solutions by industry analysts Celent Communications for the 3rd consecutive year. Other highlights for 2003 include: -- Significant increase in P&H's ASP business. Among the new financial institutions that signed are City National Bank, Bank of Hawaii Bank of Hawaii, a subsidiary of Bank of Hawaii Corporation (NYSE: BOH), is a regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that majority of the voting stockholders reside within the state. , Hudson United, Mid-Atlantic Corporate Federal Credit Union, and Huntington Bank. -- Renewed and expanded relationships with many existing customers such as AmSouth, Colonial Bank Colonial Bank, a subsidiary of Colonial Bancgroup Inc. NYSE: CNB, is headquartered in Montgomery, Alabama. Colonial Bank has 300 branches in the states of Alabama, Georgia, Florida, Nevada and Texas. Its common stock is traded on the NYSE under the symbol CNB. , and Banco Popular. -- Over 15 new products and modules were added to the industry-leading Web Cash Manager Suite. -- With over 35 significant new hires, P&H added many key industry veterans and CCM/CTPs to its cash management team. -- New relationships with best-of-breed alliance partners, for reconciliation (CheckFree), integration with small business accounting systems (Intuit in·tu·it tr.v. in·tu·it·ed, in·tu·it·ing, in·tu·its Usage Problem To know intuitively. [Back-formation from intuition. ), alerts and notifications (Centerpost and Online Banking Solutions), that expand P&H's "Commercial Banking Storefront" of pre-integrated solutions available with Web Cash Manager Suite. Another key success this year was significantly improved financial performance - in spite of an overall lagging Lagging Strategy used by a firm to stall payments, normally in response to exchange rate projections. economy. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Bill Sobo, P&H CFO See Chief Financial Officer. , P&H increased sales by 50%, strengthened its profitability, and saw its recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenues grow to 60% of its total revenues. "By any measure, our financial performance this year is remarkable given the overall economic climate. Our recurring revenue growth and the continued demand for P&H products and services have set the stage for continued expansion in 2004." "2003 was a banner year in terms of overall growth for P&H," said Ralph Dangelmaier, President of P&H. "We measure our success by the success of our customers. The significant investments we have been able to make in people and technology, and the ideas generated by our Product and Development organizations make us an even more attractive partner for our financial institution customer base." About P&H With over 100 financial institutions in production and 20 years of industry experience, P&H is the market leader in web-based corporate and small business cash management products. P&H is customer- and banking-focused, with a strong commitment to helping financial institutions meet their strategic cash management objectives. Industry analysts Celent Communications has ranked P&H as the number one cash management vendor for three years in a row. P&H leads the industry with an installed base of over 120 customers currently in production. P&H customers range from the largest financial institutions, such as M&T, AmSouth, Bank One, Citibank, J.P. Morgan Chase, Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. , Sovereign Bank, City National, and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. , to credit unions and smaller regional financial institutions. Politzer & Haney is headquartered in Newton, Massachusetts The City of Newton in Middlesex County, Massachusetts, is an important residential suburb of Boston, which abuts it on the east. According to the 2000 census, the population of the Newton was 83,829, making it the tenth largest city in the state. , with offices in nine other states. Additional information can be found at www.ph.com, or by calling 617-796-7700. P&H and P&H Web Cash Manager Suite are trademarks of Politzer & Haney, Inc. |
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