ePayables Leader Xign Purchased by JPMorgan Chase

JPMorgan Chase Bank, N.A. and Xign Corporation announced that they have signed an Agreement and Plan of Merger whereby Xign, a leading provider of business-to-business on-demand financial settlement solutions, will be acquired and combined with the Commercial Card and Procurement businesses of JPMorgan Chase’s Treasury Services unit. Under the Agreement and Plan of Merger, JPMorgan Chase will acquire all of the capital stock of Xign, as well as the company’s technology, services and Order-to-Pay domain expertise. The acquisition is expected to close in the second quarter of 2007, subject to regulatory approval. Terms have not been disclosed.

JPMorgan Chase has partnered with Xign to offer its Order-to-Pay solution set since October 2003, enabling customers to automate electronic purchase order delivery, invoicing and payments across Xign’s global settlement network of more than 40,000 suppliers. The acquisition will further JPMorgan Chase’s leadership in the Order-to-Pay space as Xign capabilities are more fully integrated into JPMorgan Chase’s existing suite of payables solutions and future products are developed. With Xign, organizations transform their financial settlement operations from an inefficient, paper-bound activity to a streamlined, electronic process. In addition to dramatically reducing financial settlement processing costs and cycle time, Xign's capabilities expand early payment discount opportunities, strengthen supplier relationships, and deliver a rapid return on investment.