CANI Carreker Corp (MM)

DALLAS, Aug. 8 /PRNewswire-FirstCall/ -- Carretek, LLC, the transformational business processing outsourcer for transaction processing, announced today that Webb Edwards, former president of Wells Fargo Services, has been elected Chairman of the Board. Carretek's offshore facilities in Mumbai and Pune, India, provide support for bank back office functions such as adjustments, exceptions, lockbox, and proof of deposit, delivering cost reduction improvements as high as 53 percent along with process transforming benefits. Carretek is jointly owned by Carreker Corporation (NASDAQ:CANI) (a leading provider of technology and consulting solutions for the financial services industry) and Majesco Software Inc. (a subsidiary of Mastek Limited, a leading global outsourcing company: National Stock Exchange, India: MASTEK). J. D. (Denny) Carreker, Chairman and Chief Executive Officer of Carreker Corporation, said, "We welcome Webb's commitment to helping Carretek trailblaze a particularly exciting and high-value aspect of offshoring. As banks face growing cost pressures and as payments processing migrates to electronics, Carretek offers them a sound and growing business case for offshoring. Webb's decades of leadership in bank technology innovation will help Carretek accelerate its growth potential." Sudhakar Ram, Chief Executive Officer of Majesco Software, said, "The banking industry's growing demand for both BPO and ITO services convince us that Carretek has a unique opportunity with an immediate window. We appreciate having Webb's relationships and expertise to help us take advantage of this powerful trend." Edwards directed Wells Fargo Services (WFS), the technology and operations subsidiary of Wells Fargo & Company, retiring in 2005. His areas of responsibility included the project management office, infrastructure technology operations, application development, payment systems strategy and execution, retail phone banks, payment operations for wholesale and retail, ATM operations, risk management, and enterprise technology and data architecture. Before the 1998 merger with Wells Fargo, Edwards was Executive Vice President of Norwest Corporation and President for Norwest Services, Inc. He joined Norwest in 1995 after serving as Executive Vice President and General Manager of Information Services for First Interstate Bancorp from 1984 until 1995. He attended Stonier Graduate School of Banking, University of Tennessee Executive Management School, and the Harvard Business School's Executive Education Program. Edwards did his graduate and post-graduate work in economics and finance at Middle Tennessee State University. About Carretek Carretek was formed in May 2003 as a partnership between Carreker Corporation and Mastek. For more information, visit http://www.carretek.com/ . Carretek offers companies the opportunity to significantly reduce costs while maintaining high quality standards for real time and near real time payment and transaction operations by combining domain expertise with state of the art information security, imaging technology, process reengineering and the cost efficiencies of a global workforce. About Carreker Corporation Carreker Corporation improves earnings for financial institutions around the world. The Company's integrated consulting and software solutions are designed to increase clients' revenues and reduce their expenses, while improving security and increasing the value of their customer relationships. Carreker provides products and services to more than 250 clients in the United States, Canada, the United Kingdom, Ireland, continental Europe, Australia, New Zealand, South Africa, South America, Mexico, and the Caribbean. Clients include the full range of community, regional and large banks, among them more than 75 of the largest 100 banks in the United States. Headquartered in Dallas, Texas since 1978, Carreker Corporation has offices in London and Sydney. For more information, visit http://www.carreker.com/ . About Mastek Mastek is an international software solutions company which designs and develops high impact applications that sustain and grow business. With a turnover of US$130 million for the year 2004/2005 and over 3000 employees, Mastek has long standing experience of delivering large scale, groundbreaking IT projects. For more information, visit http://www.mastek.com/ . DATASOURCE: Carreker Corporation CONTACT: Ann Cain, Strategic Communications Director, +1-972-371-1748, or , or Lisa Peterson, Chief Financial Officer, +1-972-371-1454, or , both of Carretek Corporation; or Sanjay Mudnaney, Senior Manager Corporate Communications of Mastek Limited, +91-22-28247745, or Web site: http://www.carreker.com/ http://www.mastek.com/

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