SOURCE: Welcome

October 17, 2005 08:55 ET

Welcome Appoints New Board Members

AIX-EN-PROVENCE, FRANCE -- (MARKET WIRE) -- October 17, 2005 -- Welcome, a leading payment software provider, today announced the appointment of three new board members: Michael Keegan, ex-executive director at Mondex International; Claude Cosson, vice president Europe of FatWire Software, a leading provider of strategic enterprise content management software; and Rajiv Maliwal, managing director and co-founder of SabreCapital, a private equity firm investing in financial institutions in the emerging markets.

Michael Keegan is currently full time adviser to the Royal Mail Group, Inc. UK Post Office on identity cards and biometric passports. He was previously chief executive officer and continues as a shareholder at Magex Limited, a leading P2P platform and prepaid card provider to the banking industry. Before that, he was chief executive officer and executive director of Mondex International, created by NatWest and bought by MasterCard, from 1996-2001 where he oversaw the development of MasterCard's smart card infrastructure including the Multos operating system, Mondex purse and MasterCard's EMV applications and certificate authority.

Claude Cosson is vice president Europe of FatWire Software, a leading provider of strategic enterprise content management software. Claude also worked as global account manager at Oracle.

Rajiv Maliwal is managing director and co-founder of SabreCapital, a private equity firm investing in financial institutions in the emerging markets. Previous to founding SabreCapital, Rajiv was managing director and global head of private equity for Standard Chartered Bank in Singapore.

"Based on his extensive experience, Michael will bring to Welcome lots of contacts within the banking industry in the UK and Europe," said Aneace Haddad, Welcome's chairman. "This is a great opportunity for Welcome to speed up our sales development."

"Claude's understanding of global software system sales and his experience in managing multinational accounts will be invaluable to foster our business strategy," added Sébastien Guillaud, Welcome's CEO.

"Through his banking career, Rajiv has held several senior positions in the Asian region with Citibank, Goldman Sachs, JP Morgan and Standard Chartered," said Aneace Haddad. "No doubt that his experience of successfully investing in banks, managing large businesses in financial institutions and acquaintances with top level Asian bankers will bring valuable contribution to Welcome's growth in the region."

"Welcome has built a solid reputation worldwide over many years as an added value software provider in the expanding EMV marketplace," said Michael Keegan. "The company has all the classic ingredients for success, namely good management, strong investors, great reference customers, recurrent revenues and good market timing. It has taken a lot of hard work over many years to get to this point, and I'm looking forward to helping the management team and the investor group capitalize on these assets to make the company the runaway success it deserves to be."

Claude Cosson added: "We all believe Welcome has a bright future selling solutions and embracing a solid software vendor strategy. I bring my 15-year software-specific experience to such a plan."

"I am re-joining Welcome's Board -- I used to be on the Board a few years ago -- because Welcome is a high energy company with a very innovative and high potential product solution," said Rajiv Maliwal. "In addition to already knowing some other board members, I am very excited and looking forward to working with a Chairman and management team which are very passionate, almost possessed about their proposition and the success of it. Finally, it should be fun to help management create sustainable value for shareholders, customers and employees."

About Welcome

Welcome is the world's leading provider of payment software that utilizes the full capabilities of EMV standard (Europay-MasterCard-Visa) chip credit and debit cards to create a much more exciting and richer payment experience. Payment commoditization, resulting in rate wars and fee reforms, has recently been shown to cost banks five to ten times more than fraud. EMV cards without Welcome's software can only combat fraud, whereas the same cards with Welcome's software can also fight commoditization, for essentially the same cost as fraud alone. Welcome recently won 'ROI of the Year Award' from The Banker magazine. The company works with major banks and financial institutions around the world. Welcome is headquartered in Aix-en-Provence, France, with offices and R&D facilities in Singapore, Philadelphia and Sao Paulo. For further information visit: www.welcome-rt.com.

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