Security First, BroadVision Enter Strategic Alliance
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Security First, a subsidiary of Internet-only bank Security First Network Bank, is a provider of Internet-based financial services applications in North America. BroadVision markets one-to-one Internet applications for business relationship management.
The companies said they will develop and market products based on Virtual Financial Manager, S1's suite of Internet-based financial services applications, and BroadVision's One-To-One application system. The two companies will work together to provide end-to-end Internet solutions for the financial services industry including software, professional services, training, outsourcing services and support.
The integrated products will be marketed to banks, brokerage firms, insurance companies and other financial services providers.
Pehong Chen, president and CEO of BroadVision said: "Financial institutions can leverage the advanced personalization capability of the BroadVision product to excel in managing their relationship with their customers. With our combined solution, financial institutions can listen to what customers want, see what interests them personally, then respond with products and services customers need in a way no one has ever done before."
The companies also agreed to exchange $3 million of each other's stock upon the completion of the sale of SFNB's banking operations to Royal Bank of Canada, anticipated to close during the third quarter.