Carretek names Webb Edwards chairman of the board

Source: Carreker Corporation

Carretek, LLC, the transformational business processing outsourcer for transaction processing, announced today that Webb Edwards, former president of Wells Fargo Services, has been elected Chairman of the Board.

Carretek's offshore facilities in Mumbai and Pune, India, provide support for bank back office functions such as adjustments, exceptions, lockbox, and proof of deposit, delivering cost reduction improvements as high as 53 percent along with process transforming benefits. Carretek is jointly owned by Carreker Corporation (Nasdaq: CANI; a leading provider of technology and consulting solutions for the financial services industry) and Majesco Software Inc. (a subsidiary of Mastek Limited, a leading global outsourcing company: National Stock Exchange, India: MASTEK).

J. D. (Denny) Carreker, Chairman and Chief Executive Officer of Carreker Corporation, said, "We welcome Webb's commitment to helping Carretek trailblaze a particularly exciting and high-value aspect of offshoring. As banks face growing cost pressures and as payments processing migrates to electronics, Carretek offers them a sound and growing business case for offshoring. Webb's decades of leadership in bank technology innovation will help Carretek accelerate its growth potential."

Sudhakar Ram, Chief Executive Officer of Majesco Software, said, "The banking industry's growing demand for both BPO and ITO services convince us that Carretek has a unique opportunity with an immediate window. We appreciate having Webb's relationships and expertise to help us take advantage of this powerful trend."

Edwards directed Wells Fargo Services (WFS), the technology and operations subsidiary of Wells Fargo & Company, retiring in 2005. His areas of responsibility included the project management office, infrastructure technology operations, application development, payment systems strategy and execution, retail phone banks, payment operations for wholesale and retail, ATM operations, risk management, and enterprise technology and data architecture.

Before the 1998 merger with Wells Fargo, Edwards was Executive Vice President of Norwest Corporation and President for Norwest Services, Inc. He joined Norwest in 1995 after serving as Executive Vice President and General Manager of Information Services for First Interstate Bancorp from 1984 until 1995.

He attended Stonier Graduate School of Banking, University of Tennessee Executive Management School, and the Harvard Business School's Executive Education Program. Edwards did his graduate and post-graduate work in economics and finance at Middle Tennessee State University.

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