Passageways Experiences Growth in 2007

West Lafayette, IN. January 11^th, 2008 – Passageways, a West Lafayette, Ind.-based portal solutions provider for financial institutions, has announced record revenue growth of 56 percent in 2007, including the addition of more than 40 new portal community banks and credit union customers. The organization also worked with more than 50 existing Passageways customers in 2007 to introduce new modules or complete integration projects.

Other highlights of Passageways’ growth in 2007 include the following:

1. Successfully completed the acquisition of Houston-based Engineered Business Solutions, with two EBS clients, USU Charter Credit Union (Logan, Utah) and TruMark Financial Credit Union (Trevose, Pa.), signing up for a migration to Passageways portal within the first 90 days of the acquisition.
2. Launched new products such as e-Forms Builder, Executive Dashboards, Learning Management, Knowledge Management and Lobby Management, bringing the total number of applications/modules offered to more than 25.
3. Reached the milestone of 100 clients including a client in Barbados.
4. Launched a hosted application service provider (ASP) offering with three live customers. 
5. Added American Airlines Credit Union (Fort Worth, Texas) and Alliant Federal Credit Union (Chicago), two of the top 10 credit unions in the United States, as customers in the last quarter of 2007.
6. Increased participation in Passageways’ PowWOW Advanced User and Developer Conference to more than 100 attendees to create the industry’s biggest conference of its kind.
7. Formed strategic relationships with Callahan & Associates, Members Development Group and Indiana Credit Union League.
8. Increased the staff by eight new employees for a total of more than 20.
9. Won a best practices award from Credit Union Journal for the implementation of portal-based automation projects at Kitsap Federal Credit Union (Bremerton, Wash.), making 2007 the second year in a row of winning this award.

“Passageways experienced a great deal of growth in 2007, largely because there is a renewed interest among community banks and credit unions to leverage recently-developed communications technologies into internal efficiencies,” said Paroon Chadha, co-founder and vice president of Passageways.  “Our goals for 2008 include reaching the 150-client milestone, increasing participation at our PowWOW user conference and adding 20 clients to the hosted ASP offering, especially among smaller community banks and credit unions.”

Passageways’ PowWOW Advanced User and Developer Conference is scheduled for May 7 – 9 at the W Hotel – Lakeshore in Chicago. The company’s technology offers a portal framework that enables financial institutions to collaboratively organize and manage documents, content, internal Web sites and other corporate knowledge bases.