News: Portfolio 2005

For Immediate Release

 

PA Early Stage Contact

Steve Barnes

610-254-4298

 

Media Contact:

Ron Ticho

610-360-0205 PA

 

Early Stage's Incurrent Solutions Acquired by Online Resources Corp.

Wayne, PA – January 26, 2005 – PA Early Stage announced that one of its portfolio companies, Incurrent Solutions, located in Parsippany, N.J. has been acquired by Online Resources Corp. (Nasdaq: ORCC). The purchase price consisted of $8 million in cash and 1 million shares of Online Resources common stock valued at $7.3 million on the December 22, 2004 closing date, for a total transaction price of $15.3 million.

 

 

Founded in 1997, Incurrent Solutions, now the Card & Credit Services division of Online Resources, develops and operates web-based services for the global credit card industry, including issuers of consumer, small business, corporate T&E, purchasing and private label cards. Online Resources is a leading outsourcer of Internet banking and payment services to banks, credit unions and payment acquirers.

 

"PA Early Stage played a critical role in helping us build our business into one of the premiere web-based services for the credit card industry," said David J. Hickey, former chief executive officer of Incurrent Solutions and now president of Online Resources Card & Credit Services division. PA Early Stage participated in the company's second round of funding in 2001.

 

"The combination of Online Resources proprietary services to the financial industry and Incurrent's technology and strength in the credit card services industry will be very powerful," said Dean Miller, a partner at PA Early Stage and a former member of Incurrent Solutions board of directors.

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