SOURCE: COCC

February 21, 2007 09:00 ET

"Growing for All the Right Reasons"; COCC Achieves Exceptional 2006 Results

AVON, CT -- (MARKET WIRE) -- February 21, 2007 -- COCC, one of the fastest growing data processing companies in the nation, capped an exceptional year with new service contracts, excellent client ratings, and an increase in overall revenue of 10.4%. The company won several awards, including a Connecticut Technology Fast 50 in 2006, and attracted its largest clients for check processing and financial management services.

"By every measure, 2006 was an exceptional year for COCC," said Richard A. Leone, President and CEO. "Our experience with the latest, open technologies combined with our ability to deliver service excellence continue to be our winning formula. Today's financial institutions need advanced technology plus highly responsive service to support their strategies. COCC's exceptional growth and excellent client ratings reflect our success in both of these areas. We are growing for all the right reasons."

COCC attracted 10 new core processing clients in 2006, raising the overall total of contracted clients to 149. An additional 160 strategic product sales drove overall revenue to $53.1M, or 10.4% above the company's record result in 2005. At the same time, COCC's client satisfaction ratings reached an all-time high of 4.32 on a scale of one to five. The company's client ratings have been in the excellent range for nearly four years.

"This is a great way to begin our 40th year in business," said Mr. Leone. "The COCC technology cooperative started with a mission to provide excellent service to its clients and an ownership structure to ensure that we did. 40 years later, that premise of service excellence and cooperative ownership drives everything COCC does and is the bedrock of our success."

Steve Kayser, COCC's Chief Marketing Officer, remarked that instability among technology vendors along with rising demands for risk management solutions and efficiency improvements and growth are driving forces in COCC's marketplace.

"Having a single, stable source of information technology and support is one of the top concerns of financial institutions today," said Mr. Kayser. "These institutions don't have time to concern themselves with technology choices and upgrades on top of everything else they need to do. They want automation and answers, and COCC excels at providing both."

Kayser and Leone both remarked on the consolidation occurring in the financial technology industry. Dozens of vendors have been acquired and several of those are consolidating their technology platforms as well. "We often see institutions decide to remain with their incumbent vendor in order to avoid a system conversion, and then discover that their incumbent vendor is converting systems anyway," said Kayser.

Additional components of COCC's success are the drive to replace paper with image processing and the need to stay ahead of security requirements. On the image front, clients are flocking to the company's branch and remote merchant capture solutions as well as e-Statements and document management. In security, the combination of new threats and regulations have resulted in record sales of secure email and web hosting, anti-phishing and other services.

"Financial institutions have an unquenchable thirst for efficiency," said Mr. Kayser. "COCC's advanced technology makes a real difference in an institution's ability to translate their growth strategies into action. We have client after client that can show how COCC's technology helped them adapt to the market more quickly and increase operational efficiency."

A $2.4B bank holding company's recent conversion to COCC's Oracle Financials system saved almost $200,000 in installation fees and half a person daily. A community bank just signing with COCC expects to save a minimum of 15% in operating expense by going with COCC. A $1.4B credit union is controlling the expenses associated with detecting money laundering activities.

"In today's environment, financial institutions are looking for a one stop shop that will put technology to work for them," said Kayser. "That is COCC's passion, and our growth and client satisfaction show that we get the job done."

ABOUT COCC

COCC is one of the fastest growing data processing companies in the nation. Established in 1967, this client-owned company provides complete enterprise processing solutions to financial institutions using the latest open systems. Hands-on support from account processing to secure Internet access make COCC the Better Data Processor. The company was recognized by Gonzobanker for migrating all of its clients to an open, relational system built on an Oracle data base. COCC is the only data processor in the country to accomplish this feat. For more information, please visit www.cocc.com.

Contact Information

  • Contact:
    Robert Bessel
    Public Relations
    COCC
    860.674.7214
    Email Contact