Akcelerant Announces the Purchase of The Guthrie Phillips Group

MALVERN, Pa. - Akcelerant announces the purchase of The Guthrie Phillips Group (GPG), a financial software provider based out of Vancouver, Canada.  GPG has been renamed Akcelerant Software Canada ULC and is now a wholly owned subsidiary of Akcelerant Software LLC.

GPG has been selling its software applications to credit unions, community banks, and other organizations for over 20 years and has been a long time competitor of Akcelerant. The acquisition brings GPG’s most popular software offering, TopNotch, a collection and recovery platform, as well as several other products which Akcelerant is pleased to add to its growing list of financial industry solutions.

Akcelerant has long been a leader in providing collection technology to the financial industry, and recently has expanded its offerings through the Akcelerant Framework’s family of “SOLUTIONS” to include product lines for member service workflow and activity management as well as complete consumer loan origination, complimented by the TAPS lending system acquisition in April of 2008. The GPG acquisition was the next step in Akcelerant’s plan to increase its customer base and add complimentary technology that will be leveraged in Akcelerant’s overall corporate strategic plan moving forward.

Akcelerant has a history of growth. In 2008 alone, Akcelerant doubled its staff and has expanded into new markets. The recent acquisition of GPG will increase Akcelerant’s customer base by 40%, bringing its credit union customer total to approximately 350. The chart in the attached document shows Akcelerant’s credit union customer growth since 2003

This move by Akcelerant also expands its already strong product distribution channels. Akcelerant is now definitively, by a large margin, the leading provider in collection management technology to the credit union industry with strong interfacing capabilities and business partnerships with the premier core processing providers in Canada and the United States. In addition, Akcelerant now maintains multiple, preferred partner or distribution agreements with the banking core processing providers that supply data processing services for more than 65% of the community banking industry. Moving forward, Akcelerant’s strategy for its products is to continue the trend of aggressively adding customers and growing market share through these avenues.

“We are very excited about the future opportunities this acquisition brings to our customers and business partners. We are very committed to excellent customer service, and we plan to work closely with GPG  customers as we develop future plans together,” states Jay Mossman, President and CEO of Akcelerant.

Akcelerant will be moving immediately on adding value to the TopNotch product. As an example, one of Akcelerant’s initial plans for GPG’s TopNotch is to build interfacing capabilities to one of Akcelerant’s premier business partners, SWBC, through the integration of SWBC’s Payment Reminder Service (PRS). Within 90 days, all GPG customers will have the option of using CONNECT.PRS, a connector that gives institutions the ability to easily outsource select evening and weekend collection calls as a compliment to their existing in-house collection resources. This service is currently the number one connector used by existing Akcelerant Framework customers, and has proven to help management of delinquent accounts in this challenging economic environment. Additional plans for TopNotch and other GPG products will be announced as the transition unfolds and the GPG team and customers become part of the Akcelerant family.

About Akcelerant  
Akcelerant Software LLC, headquartered in Malvern, Pennsylvania, provides software solutions to the financial services industry for sales and service, lending, collections, and recovery through its product lines. Akcelerant services approximately 350 credit unions and banks in almost all 50 states and Canada. For more information about Akcelerant, visit http://www.akcelerant.com.

About SWBC
Headquartered in San Antonio, SWBC is a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals.  With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions in all 50 states.  For more information, visit SWBC’s web site at www.swbc.com.