PayCommerce Announces Agreement to Acquire Akshay Software International Inc, a Leading North American SWIFT Service Bureau & Solutions Provider

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PayCommerce, Inc. announced today that it has completed a share purchase transaction to acquire the US subsidiary of Akshay Software Technologies Limited, India, Akshay Software International, Inc. With this acquisition, PayCommerce is establishing the Akshay team as PayCommerce's SWIFT Center of Excellence to provide product solutions, both stand-alone as well as integrated with various PayCommerce enterprise payment solutions.

PayCommerce, Inc. announced today that it has completed a share purchase transaction to acquire the US subsidiary of Akshay Software Technologies Limited, India, Akshay Software International, Inc.

With this acquisition, PayCommerce is establishing the Akshay team as PayCommerce's SWIFT Center of Excellence to provide product solutions, both stand-alone as well as integrated with various PayCommerce enterprise payment solutions.

The Akshay SWIFT business will continue to be managed under the Akshay US senior executive team.

Mr. Abdul Naushad, CEO of PayCommerce, stated, "I welcome the Akshay team to PayCommerce. With Akshay team onboard, we are excited to add SWIFT capabilities and expertise to our payments solutions portfolio. Adding SWIFT network to our own payment global payment network has been a critical part of our business strategy and the Akshay acquisition completes this part of our business plan. I look forward to meeting with Akshay clients as we complete our integration process."

Mr. B.V. Venkat, the senior executive of the Akshay US operation joining PayCommerce, commented, "PayCommerce is a business focused on payment platforms and financial technology for banks and other global institutions across retail and institutional market segments. This represents an incredible opportunity for Akshay clients to take advantage of PayCommerce products and services now that Akshay USA has become a business unit of the company. The high level of service we provide to our clients will continue with the opportunity to expand our partnership to these additional solutions and services.” Venkat also added, “We have appreciated for many years the support of Akshay India for the US based payments business. Now we become part of a larger and well capitalized entity whose vision and scope of operations are payments centric and payments related.”

About PayCommerce
PayCommerce, headquartered in Edison, NJ, is a global payment network provider with a SaaS based payment hub connecting into 65 countries. With global headquarters in the US and its branches across 4 continents strategically placed around the globe, its vision is to create the largest correspondent bank network that enables faster payments for disbursements and collections globally.

PayCommerce Inc. provides comprehensive and superior cross border payment solutions to enable transaction settlements for banks and global enterprises. Its integrated payment solutions support multiple payment types around the globe. PayCommerce continue to innovate and invest its products and services to deliver the best of transaction settlement network platform and solutions for its customers.

For more information on the company, please visit our website http://www.paycommerce.com.

About Akshay
Akshay Software International Inc., based in Princeton, New Jersey is SWIFT premier partner and leading SWIFT service bureau that focuses on providing SWIFT solutions and services to corporate treasuries, financial institutions, exchanges and investment firms.

Press Contacts:
Steve Rubin
SVP, Sales & Business Development, PayCommerce
Direct Phone: 732-562-0020, x117
Email: srubin(at)paycommerce(dot)com

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Steve Rubin
PayCommerce
+1 7325620020 Ext: 117
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