Brightware Announces the Creation of MindBox, Inc. - A Leveraged Buy Out Of Its Custom Solutions Business.Business/Technology Editors NOVATO, Calif.--(BUSINESS WIRE)--April 17, 2000 Brightware, the leading supplier of eCustomer Assistance software for the Internet, today announced the completion of a leveraged buy out of its custom solutions division. The newly formed company, MindBox, Inc., will leverage the company's expertise in automation technology to provide software and services to financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organizations that automate To turn a set of manual steps into an operation that goes by itself. See automation. complex, knowledge-intensive business processes. Customers in the financial services sector, such as Upland Upland, city (1990 pop. 63,374), San Bernardino co., S Calif., in a citrus-fruit region at the foot of the San Gabriel Mts.; inc. 1906. Citrus fruits and grapes are packed and processed in the city. Paint, orchard heaters, auto parts, and feed products are also made. Mortgage and Countrywide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. Home Loans, with both Brightware and MindBox applications deployed will continue to receive support from both organizations. Under terms of the buy out, Brightware received cash and a minority ownership interest in the new entity and MindBox retains a license to use, develop upon, and resell re·sell tr.v. re·sold , re·sell·ing, re·sells 1. To sell again. 2. To sell (a product or service) to the public or to an end user, especially as an authorized dealer. Brightware's award winning technology. Three executives will leave Brightware to head the new company, including Executive Vice President and General Manager of the Solutions Division, Richard Barfus, Consulting Vice President Bill Richer, and Solutions Sales Vice President Patrick Mahaffey. "Brightware was comprised of two distinct business units - one focused on eCustomer Assistance Internet applications, the other on customer solutions" said Chris Erickson, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Brightware. "By selling the customer solutions division to MindBox, we made the strategic decision that each business unit would be stronger if run as independent companies. Now Brightware will be able to focus solely on the eCustomer Assistance market, and provide applications that help eBusinesses service, sell and create strong relationships with their eCustomers, while MindBox will continue to develop our former solutions business." "Leveraging our expertise in Artificial Intelligence and financial services, MindBox is poised for success as a powerful technology company focused on delivering intelligent applications to help our clients solve complex business problems, such as mortgage underwriting An Introduction to Mortgage Underwriting Underwriting is the process a lender uses to determine if the risk of lending to a particular borrower under certain parameters is acceptable. , origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real , and deal structuring systems" said Rich Barfus, now President & CEO of MindBox. "We will continue to build on the technology base we have received from Brightware to create a complete product family of flexible, scalable software components that are optimized to work in the dynamic technology environment our clients face." Brightware will continue to focus on the applications side of its business through marketing and developing packaged eCustomer Assistance software products including its current Web and Email Assistance product lines. MindBox will focus its energies on the ART Tools and Solutions business, which includes ART(R), ART-IM(R), ART*Enterprise(R) and consulting support for intelligent applications. About Mindbox Based in Novato, California Novato is a city located in the North Bay region of the San Francisco Bay Area, in northern Marin County. As of a 2000 census, the city population was 47,630. Novato is 30 miles north of San Francisco on US 101. , MindBox is the worldwide leader in providing artificial intelligence applications to automate complex business and operations processes for the financial services industry. The company develops and markets innovative software and consulting solutions that leverage industry and internal best practices to deliver multi-channel, intelligent solutions designed to optimize optimize - optimisation client interactions. For more information, please visit MindBox's Web site at http://www.mindbox.com or call (877) 650-MIND (6463). About Brightware Brightware is the leading supplier of eCustomer Assistance software for the Internet committed to helping its customers build relationships one interaction at a time. Brightware Web and Email Assistance applications help companies dramatically increase their eService levels and eSales revenues while reducing costs. Brightware's products, which can be deployed within a week, leverage proven automation technology to deliver unparalleled scalability and performance, ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). and an exceptional eCustomer experience. For more information, please visit Brightware's Web site at http://www.brightware.com or call (800) 532-2890. Brightware is a registered trademark of Brightware, Inc. All other company and product names may be trademarks of their respective owners.MindBox is a trademark of MindBox, Inc. |
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