Advanced Financial Solutions Acquires Scott Image Associates; Acquisition Strengthens AFS Project Management and Installation Capabilities.

Business Editors

OKLAHOMA CITY & SANFORD, N.C.--(BUSINESS WIRE)--Nov. 29, 2000

In a move expected to immediately expand and broaden its project management and installation capabilities, Advanced Financial Solutions (AFS) (www.afsimage.com) announced today it has acquired Scott Image Associates, Inc. (SIA) (www.siainc.com), in Sanford, N.C.

The announcement, made jointly this morning at the International BAI Retail Delivery convention by Gary Nelson, AFS president and CEO, and Rex Scott, SIA founder and president, brings together two recognized leaders in the financial imaging technology industry.

"This is a strategic acquisition on our part to add high-level proven expertise with unparalleled check imaging system analysis and implementation abilities to our company's project management and installation capabilities. Further, it will enable us to deliver our programs, services and solutions in a more effective and timely manner," Nelson said.

In response to the acquisition, Scott said: "This is an ideal fit for both companies. AFS gives us the opportunity to focus our experts and energy on providing imaged-base check and document processing solutions using the company's noted AFS ImageVision and AFS ImageDepot software platforms."

SIA is well known in the financial industry for its expertise in directing the conversion from conventional paper to image-based electronic processing systems. The company has assisted over 500 financial institutions around the world, providing turnkey analysis, recommendations, installation oversight and educational programs.

AFS has emerged in the past five years as a leader in the development of software programs, applications and services for the payment, transaction and document processing industry. The company's programs and services are used worldwide at over 6,500 institutions and businesses.

"We are quite knowledgeable of AFS, having implemented the company's software programs at a number of financial institutions primarily in the United States," Scott said. "AFS has built its impressive success on the superiority of its software products. Our enthusiasm for the products and the integrity of the AFS management team convinced us moving forward with this new venture was the right decision for us."

SIA will continue to be based in Sanford, N.C., Nelson said. "SIA will operate as a separate business unit within AFS. The integration of the two operations will occur slowly to ensure it is seamless from the perspective of AFS and SIA customers. Rex Scott will assume a senior management role in our company, directing image conversion planning and implementation for existing and prospective AFS clients worldwide," Nelson said.

Terms of the transaction were not disclosed.

AFS is a leading provider of image payment and transaction software technology for companies engaged in banking, energy, insurance, transportation, retail, credit, and government operations. AFS has grown into an international company with offices around the world and processes for more than 6,500 operations in the banking, energy, retail, government and utility industries. Inc. Magazine recently ranked AFS as one of America's fastest growing private firms for the third consecutive year.

SIA is a consulting group which specializes in directing financial institutions with the tasks of implementing imaging technology. Formed in 1992, SIA has earned the reputation as the recognized leader among its clients and the financial imaging industry, assisting over 500 financial institutions with their imaging projects.