Press Release
Generated Systems Secures Favonius Ventures Investment
Atlanta, GA, April 24, 2006 – Generated Systems Technologies, Inc., a leading provider of innovative software solutions for banks, today announced that the company has received a venture capital investment from Favonius Ventures. The funds will be used for marketing and product development.
“Banks are always looking for new ways to serve their customers,” said Edward J. Gainer, Co-Founder and President of Generated Systems. “This investment allows us to bring several new and innovative products to serve this market. It also allows us to rapidly extend the functionality of our Bulk Payment Generator and Accounting System Interface products.”
Bulk Payment Generator is an application for a bank’s high volume clients that prefer to enter payments offline and submit them to the bank in bulk. This product can also serve as a contingency solution in the event that a client cannot access the bank’s internet system.
Accounting System Interface is an application that imports payment files from a corporate customer’s accounting/ERP system and translates the files into the bank’s standard format. This solution features a data mapping Import Rule Wizard that eliminates the need for time consuming bank side setup and/or custom programming.
Favonius Ventures, a leading European Investment Fund, focuses on growth/expansion stage financing for IT companies. The companies they back must have clear potential to significantly grow revenues and profitability over the short to medium term horizon.
“Generated Systems is a perfect fit for our portfolio,” said Jan de Jong, Managing Director of Favonius. “We interviewed existing Generated Systems’ customers and prospects for their products and there is clearly demand for these unique banking solutions. We feel that Generated Systems is the best vendor to meet this demand due to their proven track record of service to this market. The fact that their management team has been a leader in the bank software field for thirty years exemplifies their expertise.”
About Generated Systems Technologies, Inc.:
Generated Systems is a leading vendor of innovative e-banking software products for banks and financial institutions. Generated Systems’ product offering is comprised of electronic payment solutions designed to address the high volume payment needs of large corporations and correspondent banks. Generated Systems combines a unique product and service offering with a team that has decades of experience developing and integrating e-banking software products. Generated Systems’ staff has specified and developed TTY, PC, Internet and Fax based banking applications dating back to the late seventies.
About Favonius Ventures:
Favonius Ventures is a leading European Investment Fund that focuses on venture buyouts, corporate spinouts and growth capital/expansion stage financing for IT companies.
Favonius primarily targets companies that provide software applications, communications software, infrastructure software and software driven services to businesses. Favonius typically invests in expansion rounds, later stage financings or MBO/MBI situations to provide growth capital once the core technology risk has been substantially mitigated. The companies Favonius backs, whether they are independent or part of a larger organization ready to be spun-out, must have clear potential to significantly grow revenues and profitability over a short to medium term horizon.