Magazine article American Banker

New Head in Place, Aurum Touts Growth Plan, Mulls IPO

Magazine article American Banker

New Head in Place, Aurum Touts Growth Plan, Mulls IPO

Article excerpt

Aurum Technology Inc., an outsourcer that serves 650 community banks, thrifts, and credit unions, says it has formed a growth plan that involves boosting cross-sales, introducing more products and services, and possibly a public stock offering.

"Aurum is evolving pretty rapidly toward what I would call second-stage growth mode," Paul Bourke, who became the Plano, Tex., company's chairman, president, and chief executive officer on April 1, said in an interview last week. He also said he plans "to do the things that will make the company a better company, both from the customer point of view and the employee point of view."

The company's services include software development and licensing, core processing, ATM processing, image-based item processing, branch automation, data warehousing, Internet banking, network management, and third-party systems integration. It says it processed more than a billion items last year.

Mr. Bourke, 56, succeeded Ray Maturi, who is retiring as the company's chief exec but will stay on as the vice chairman.

Mr. Maturi had led Aurum since it was spun off from Electronic Data Systems Inc. of Dallas in December 1999, with equity backing from the Chicago venture capital firm Willis Stein & Partners. The company says that its customer base last year was 20% than it was when Aurum was spun off, and its revenues was 27% higher, because of a combination of acquisitions and new client signups.

Mr. Bourke most recently was the president and CEO of Altra Energy Technologies Inc., a software and services company working in the energy industry. Before that he had spent 26 years in banking related fields. He ran the banking and thrift services unit at Automatic Data Processing Inc. until it was bought out by a management group and their financial backers to form Bisys, where he became the chief operating officer. …

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