Business Process Outsourcing Leader Creditek Appoints
Corey V. Torrence as Chief Executive Officer

      Parsippany, NJ, January 9, 2002 – Creditek LLC, the leading provider of finance and accounting outsourcing services to Fortune 500 companies, announced today the appointment of Corey V. Torrence as President and Chief Executive Officer. Mr. Torrence will succeed John Metzger, the Founder of Creditek, who will continue as Chairman. Mr. Torrence was formerly the CEO of Epsilon Data Management, a leading provider of outsourced marketing services. Mr. Torrence brings to Creditek over 20 years of experience in managing large information technology and outsourcing businesses for Logica plc, AT&T Solutions, SHL Systemhouse and Accenture.

Founder and Chairman John Metzger and the Creditek Board of Directors sought a candidate with a combination of senior level experience in information technology and large-scale process outsourcing, as well as demonstrated entrepreneurial success. “Over the past few years, clients increasingly have been seeking a comprehensive process outsourcing solution that encompasses people, process and technology across the many functions of the revenue cycle,” said John Metzger. “Corey has a proven record in building organizations that can deliver the increasingly complex and innovative outsourcing services required by our clients. Corey’s vision will strengthen Creditek’s leadership in this rapidly growing segment of the business process outsourcing (“BPO”) market,” said John Metzger.

Mark Dzialga, a board member of Creditek and a Partner of General Atlantic Partners, an investor in Creditek along with Parthenon Capital, said, “The trend toward the outsourcing of the back-office of Fortune 500 companies continues to accelerate. The ability to technology-enable revenue cycle and finance and accounting processes is creating very compelling economics for large companies.” Ernest K. Jacquet, a board member of Creditek and a Managing Partner of Parthenon Capital, said,  “Corey’s background in technology and managing large outsourcing contracts uniquely qualifies him to guide Creditek’s development as it further pursues large BPO contracts.”

During the past decade, Mr. Torrence has led several prominent technology services and business process outsourcing businesses through periods of rapid growth in revenue and profitability. During his tenure as CEO of Epsilon, Mr. Torrence was responsible for successfully transitioning the Company from a software developer to a provider of complete, outsourced marketing services for Fortune 500 Companies. In late 2001, Mr. Torrence oversaw the sale of Epsilon to the Relizon Company, creating a $1 billion outsourced business communications and customer relationship management leader. Prior to joining Epsilon, Mr. Torrence served as CEO and President of Logica North America. During Mr. Torrence’s tenure at Logica, revenues increased by 50% with profitability growing even faster. Mr. Torrence was a member of the Global Consulting Board and the Executive Committee of Logica plc. During Corey’s tenure as a Vice President at SHL Systemhouse, he delivered rapid growth in revenue and service offerings in the Company’s Northeast region. Mr. Torrence’s 20 year career also includes serving as a Partner at McKinsey & Company and a Managing Director of The Information Consulting Group.

“The opportunity at Creditek was immediately obvious to me. There is incredible potential for companies to save money and become more efficient by outsourcing the complex, yet non-differentiable finance and accounting processes. Creditek has distinguished itself by recognizing this opportunity in 1982 and has provided dramatic cost and efficiency gains to its clients for nearly 20 years. The Company’s expertise and long-standing client relationships provide the perfect platform to build a market leading finance and accounting outsourcing company with capabilities across the finance function,” said Torrence.

Rebecca Scholl, Senior Analyst, Business Process Outsourcing with Gartner, Inc., says, “The finance and accounting outsourcing market is growing rapidly and potential demand is enormous. When deciding to outsource control of their business processes, users’ foremost criteria in selecting a BPO provider are proven experience and technical ability to deliver innovation.”

 About Creditek, LLC

Creditek was founded in 1982 to provide revenue cycle management to companies in the packaged consumer goods industry with deductions and revenue dilution difficulties. Creditek has grown rapidly since inception, becoming the order-to-cash and revenue cycle outsourcing leader. The Company manages tens of billions of dollars in sales annually for Fortune 500 corporations in the manufacturing, consumer goods, distribution, technology, services, and pharmaceutical industries in North America, Europe and Latin America. In 1999, Creditek received an investment from Parthenon Capital and a subsequent investment from General Atlantic Partners in 2001. Subsidiaries include Creditek MediFinancial, which provides revenue cycle management for health care providers and Smyth Corporate Staffing, providing recruiting and project staff support in the areas of finance, accounting, credit, and collections.  For additional information, visit Creditek on the Web at www.creditek.com.

 About General Atlantic Partners

 General Atlantic Partners, LLC, is the world’s leading private equity investment firm focused exclusively on investing in information technology and communications businesses globally. The firm was founded in 1980 and has over $4 billion in committed capital. General Atlantic has invested in over 120 companies and has current holdings in over 60 companies, of which almost one-third are based outside the United States and which include Critical Path, E*TRADE Group, Inc., Eclipsys, Exact, EXE Technologies, Exult, Firepond, iFormation Group, Manugistics, Predictive Systems, ProBusiness, Rebus, Screaming Media, SESA, Upromise, Xchanging and Zagat. The firm is distinguished within the investment community by its deep experience and expertise in information technology, its global perspective and worldwide presence, its long-term approach to investments, and its commitment to provide sustained strategic assistance for its portfolio companies. General Atlantic has about 70 professionals among its 130 employees worldwide with offices in Greenwich, New York, Palo Alto, Reston, London, Düsseldorf, Singapore, Tokyo, Hong Kong, and São Paulo. See www.gapartners.com for additional information.

 About Parthenon Capital

 Parthenon Capital is a private equity partnership focused on providing capital and strategic resources to middle market companies.  The firm partners with owners and managers and builds value by providing growth capital plus strategic and operating expertise to enable the company to reach its Full Potential ^TM.

Recently, Parthenon Capital closed its second fund at $750 million making their total capital under management in excess of $1.1 billion.  With headquarters in Boston, Massachusetts, and a west coast office in San Francisco, California, the professionals at Parthenon Capital have a proven track record of over 30 years experience building value in middle market companies.  Parthenon Capital’s areas of expertise include the Information/Publishing industry, Consumer Products, Business Services and Healthcare.

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