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Private Business acquires PTC Banking Systems

19 January 2006  |  1286 views  |  0 Source: Private Business

Private Business, Inc. (NASDAQ:PBIZ), (PBIZ), a provider of technology solutions for financial institutions, today announced it has acquired the assets of P.T.C. Banking Systems, Inc.

PTC is a leading developer of teller automation products, servicing approximately 80 financial institutions throughout the United States from its headquarters in Bradenton, Florida.

PTC's flagship product, WinTELLER, is a full-featured teller automation system designed to help bank branches better manage customer account transactions, improve teller efficiency, and enhance customer experiences. This strategic acquisition greatly complements the financial technology products and services of PBIZ and provides for a more robust solution to better serve community financial institutions. Terms of the agreement were not disclosed.

Lynn Boggs, Chief Executive Officer of PBIZ, stated, "Acquiring a proprietary teller system that can be integrated into our core processing platform was a high priority for us. This acquisition is another step in our plan to provide a full product suite to community financial institutions, which includes our current core processing service, lending products, marketing services, and our newest addition of teller solutions. We're pleased to welcome the customers of PTC to the PBIZ family and will continue to provide the high level of service they have received from PTC."

Kjell Purnell, the current President and Chief Executive Officer of PTC, said, "I'm looking forward to joining PBIZ and working with the management team to grow the combined Company's revenue. The complementary relationship between the existing PBIZ product line and WinTELLER will provide immediate benefit to our existing as well as future customers."

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