Xchange, Inc. Expands Presence in World`s Fastest Growing CRM Market, Opening Asia Pacific Offices in Singapore and South Korea
Xchange Asia Pacific now boasts 24 clients and four offices in the region
BOSTON, April 19 -- Xchange, Inc. (Nasdaq: EXAP), announced
today that it has opened offices in Singapore and South Korea, continuing the
expansion throughout the region that started with Sydney, Australia and Tokyo,
Japan. Xchange`s solutions, which specialize in converting customer
relationships into profits, have been installed in seven countries throughout
the Asia Pacific region already, and these offices will support further
expansion plans.
Both South Korea and Singapore are major territories within the Asia
Pacific region, a market seeing rapid acceptance of Customer Relationship
Management (CRM) solutions as a paramount advantage for businesses. According
to Gartner, CRM software license revenue in the Asia Pacific region grew more
than 150 percent in 2000, increasing from $46 million to $118 million, not
including Japan. This was the largest percentage growth of any region in the
world and is expected to continue.
Singapore, the regional headquarters for the majority of South East Asian
organizations, is the hub for the region`s financial services and
telecommunications markets. Xchange`s office for South East Asia will be based
in Singapore and headed by Hazel Ho. Ms. Ho is a veteran of the IT industry in
Singapore and is experienced in direct and channel sales. Xchange has a number
of high-profile clients in South East Asia already, including SingTel Mobile
and a number of the region`s largest banks.
With a population of nearly 50 million, South Korea is one of the largest
industrialized countries in the Asia Pacific region and one of the world`s
largest economies. Xchange`s South Korean office, located in Seoul, is managed
by Jong Lee. A member of the Xchange Tokyo team that successfully established
a number of clients and resellers in South Korea, Mr. Lee has moved to Seoul
to establish a permanent base of operations.
Xchange currently has a staff of 20 in the Asia Pacific region, supporting
24 existing clients. Strong growth in regional presence for 2001 is
anticipated with the release of Xchange 7(TM), among the industry`s first CRM
solutions that integrates and coordinates CRM solutions from virtually all
touch-point vendors, to provide a consistent customer experience across every
channel and increase customer profitability.
Xchange is among the only major CRM vendors to offer double-byte character
support, currently available for several of its CRM offerings.
With six years of experience in enterprise-strength, strategic CRM
solutions, Xchange believes it has more expertise in this region than any
other vendor. Its solutions are licensed for use at approximately 275 of the
world`s most innovative companies, spanning 33 countries.
About Xchange, Inc.
Exchange Applications, Inc., now doing business as Xchange, Inc., helps
companies focus their resources on customers who represent the best long-term
profitability. Xchange delivers results by instilling a profit-focused
discipline in the organization, coordinating all touch points and creating a
personalized dialogue with the most valuable customers. These solutions are
impacting the bottom line at approximately 275 client sites worldwide,
including Citigroup, DaimlerChrysler and Vodafone. With offices worldwide,
Xchange is based in Boston, with the Asia Pacific headquarters in Sydney,
Australia. For more information, visit http://www.xchange.com.
Xchange and Xchange 7 are trademarks of Exchange Applications, Inc. All
other trademarks contained herein are the property of their respective owners.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: In addition to historical information contained herein, this news
release contains forward-looking statements that involve risks and
uncertainties, including the statements relating to current expectations for
current and future periods. The Company`s actual results could differ
materially from those discussed in such forward-looking statements, based on a
variety of factors, including the adequacy of estimated expense accruals and
reserves and the effect of the expansion of the Company`s business on its
operating cash flow; as well as factors affecting future performance,
including the fact that the Company`s markets are characterized by rapidly
changing technology, evolving industry standards and frequent introductions of
new products and enhancements; the fact that the market for customer
optimization software is new and emerging; the fact that the Company relies
heavily on indirect distribution channels for sales of its software; the
unpredictability of the timing of customer orders; a highly competitive market
for the Company`s products and the unpredictability of whether its solutions
will be accepted by new customers; the fact that the Company relies heavily on
growth from international operations; the Company`s ability to attract and
retain skilled personnel; whether the Company will be able to efficiently
integrate acquisitions; and the Company`s ability to raise additional capital
in volatile capital markets, in particular given its current operating losses.
Additional information concerning factors that could cause actual results to
differ materially from those in the forward-looking statements is contained
from time to time in the company`s filings with the Securities and Exchange
Commission, including but not limited to the company`s Annual Report on Form
10-K filed, April 17, 2001 and recent registration statements filings on Form
S-3. The Company disclaims any obligation to update these statements for
subsequent developments.
CONTACT:
Tristan Jordan or Mikaela Sullivan of Xchange Inc.
617-737-2244
pr@xchange.com
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