Press Release

ICIC, Inner City Advisors Honor BankServ for Strong Growth

SAN FRANCISCO, May 6, 2009 — BankServ has been recognized by the Initiative for a Competitive Inner City (ICIC), placing 35th on ICIC's annual Inner City 100 list of the fastest-growing urban companies in America. The San Francisco-based payments company was also inducted into ICIC's Inner City 100 Hall of Fame as one of a select handful of companies to make the list five or more times. The awards were announced last week in Boston, with a separate celebration honoring Bay Area winners hosted today in Oakland by Inner City Advisors, a local non-profit organization dedicated to urban sustainability.

The ICIC Inner City 100 list ranks companies according to their average revenue growth over the preceding five-year period. Since first appearing on the Inner City 100 in 2004, BankServ has made the list in five of the past six years, averaging 34% annual revenue growth over the 10-year period beginning in 1999. This year, the company jumped 41 spots from its 76th-place ranking in 2008 — an achievement that CEO David F. Kvederis attributes to a business model that has stood up well to the economic downturn.

"BankServ is particularly proud to be named to the Inner City 100 this year and for earning Hall of Fame recognition," Kvederis said. "Through good and bad economic times, we have remained focused on delivering best-in-class products to banks and businesses that deliver real savings in time and money."

BankServ has maintained its headquarters in downtown San Francisco since 1996 and now employs more than 130 workers. The city's diverse and talented workforce has been a major reason why BankServ remains committed to the city as its base of operations.

"San Francisco is home to a number of world-class technology companies and a number of world-class financial institutions, so it’s logical for BankServ to be based in the type of urban center than can support those kinds of industries," Kvederis said. "The recession hasn't been kind to many companies, but we think that the citizens of San Francisco will ultimately drive a strong recovery and we’ll be happy if we can be a part of that."