Yodlee and CashEdge Reach Settlement Agreement Resolving Patent Litigation
Redwood City, CA and New York, NY – September 27, 2007 —Yodlee, Inc. and CashEdge Inc. today announced that they have reached a settlement agreement resolving the patent litigation between them in the United States District Court for the Northern District of California.
CashEdge has agreed to pay Yodlee for a license to the Yodlee patents at issue, with respect to CashEdge’s current products and services.
About Yodlee
Leading financial institutions trust Yodlee to power critical online banking applications that increase profitability and drive more value from the online channel. Yodlee’s proven consumer banking, payments solutions, wealth management, and risk management applications unify all personal financial account information to deliver a simple, centralized and secure way for consumers to manage all of their financial tasks – any time, anywhere. Yodlee makes financial institutions’ websites essential to their customers and generates new revenue opportunities. Over 100 leading financial institutions and portals, including AOL, Bank of America, Fidelity, JPMorgan Chase, Merrill Lynch, and MSN, today offer Yodlee-powered solutions to millions of customers worldwide. Yodlee operates in the United States and Europe and is headquartered in Redwood City, California. For more information, visit www.yodlee.com.
About CashEdge
CashEdge® provides innovative, online financial applications to banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer, small business payments and invoicing, and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities.
CashEdge has been ranked by Inc. Magazine as one of the 500 fastest growing private companies in the United States for two years in a row. In 2007 it was also recognized by the 2007 Deloitte Technology Fast 500 and Fast 50 as one of the nation's 500 fastest growing private companies and one of the 50 fastest growing companies in the New York area, respectively. The company currently serves hundreds of leading financial institutions including four of the top five banks, 23 of the top 100 banks, and 20 of the top 100 credit unions. CashEdge has offices in New York, Silicon Valley and India. For more information, please visit www.cashedge.com.
Contact:
Jennifer Moritz
Zer0 to 5ive
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jmoritz@0to5.com