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April 19, 2004

Siebel Systems acquires Eontec to deliver retail banking solutions

Siebel Systems, the business applications software provider, has acquired Eontec Limited, a provider of multichannel retail banking solutions. With this acquisition, Siebel Systems expands its solutions offering for banking to include branch teller and Internet banking systems, creating the only retail banking solution that enables banks to increase branch profitability using an integrated suite of financial transaction, marketing, sales, service, and business intelligence capabilities.

By CBR Staff Writer

The solution will also offer a standards-based, service oriented architecture to handle a wide range of customer interactions through multiple channels, including the branch, call center, Internet, and ATM.

Under the terms of the deal, $70 million in cash will initially be paid to Eontec shareholders, and up to an additional $60 million in cash, with a target of $30 million, may be paid in earn-out payments during 2005 based on achieving revenue and contractual milestones.

The combination of Siebel Systems and Eontec is a winning one for the retail banking industry and its customers worldwide, said Thomas M Siebel, chairman and CEO of Siebel Systems in a media statement.

Retail banks are increasingly realizing they must transform branches from transactional centers into customer-centric sales and service centers that work seamlessly in concert with other channels. To do so, they require next-generation technology that not only replaces outdated teller systems, but also leverages CRM and business intelligence tools to reduce operational costs, improve employee productivity, and support business processes needed to strengthen customer relationships. With this acquisition, Siebel Systems provides the most complete multichannel customer-centric banking solution on the market, he added.

Eontec’s technology offers banking functionality that can be readily configured and extended to evolve with future business needs. Built on an industry-standard J2EE application server platform, Eontec technology is highly scalable and reliable, providing flexible deployment options that enable banks to provide services uniformly across multiple channels.

Additionally, Eontec’s technology advances Siebel Systems’ long-term strategy of supporting a standards-based services architecture and offers benefits that significantly increase bank operational and processing efficiency.

Siebel Systems will combine its business intelligence and retail banking CRM solutions with Eontec’s multichannel transactional capabilities to deliver the only complete banking solution with components that can be used individually or in combination to increase bank profitability while broadening and strengthening customer relationships.

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For example, a new solution, Siebel Branch Teller, increases cross-selling and up-selling of additional products and services by integrating the customer insight offered by the Siebel Customer Relationship Console with the financial transaction capabilities of Eontec Teller.

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