Source Technologies Signs Lease on Atlanta Development Office

CHARLOTTE, N.C., Feb. 22, 2005 -Source Technologies, a leading provider of integrated solutions for managing financial transactions and other secure business processes, announced that it has signed a lease on 3,000 square feet of office space in Marietta for its new software development office.

An established leader in financial transaction and business process software, MICR check printing and self-service solutions, Source Technologies extends its reach with its expansion into the Atlanta market, increasing its investment in developing check-printing software and capitalizing on the local talent.  Snehal Vashi, vice president of software development, leads the Atlanta team.

“Source Technologies is focused on growing its software development division. To that end, it is critical for us to have a presence in Atlanta,” said Vashi. “We intend to take advantage of the tremendous recruiting opportunities here, and I look forward to introducing Source Technologies to the city’s dynamic technology community."  

As an Atlanta resident since 1989, Vashi’s relationships run deep in the technology community and will help Source Technologies reach its growth and software development objectives. Vashi recently served as an advisor to the Atlanta Technology Development Center (ATDC) in its Entrepreneur-in-Residence program through the Georgia Institute of Technology and holds leadership roles in the Technology Association of Georgia (TAG) and The Indus Entrepreneurs organizations. Vashi’s own entrepreneur experience includes founding two Atlanta-based technology companies, Simtrex Corp., a software simulation provider for the CRM market, and Zebrasoft, Inc., a software provider to the shrink-wrap retail software market.

“Snehal’s ties to Atlanta’s vibrant technology community will be critical to our growth in the coming months,” said Miles Busby, president, Source Technologies. “We are eager to begin strengthening those ties on behalf of Source Technologies.”

The new office is located in northwest metropolitan Atlanta at 1275 Kennestone Circle, Suite 200 in Marietta, Ga. and will be home to six employees, with room to grow. Source Technologies plans to open the office by mid-March.

“We selected this location because of its proximity to employees’ homes and because the space was a good value,” said Vashi. “We were able to balance cost and convenience. In Atlanta, that means something.”

About Source Technologies
Founded in 1986, Charlotte, N.C.-based Source Technologies is a leading provider of integrated solutions for managing financial transactions and other secure business processes. In addition to its family of secure disbursement software solutions, Source Technologies offers magnetic ink character recognition (MICR) printing solutions and consumables for secure document applications, and the ground-breaking concourse™ family of branch automation and self-service solutions. Customers include nine of the top ten U.S. Banks, plus hundreds of Fortune 1000 and mid-sized companies. Source Technologies has created more than $400 million in economic value for its customers in the last ten years. For more information, visit www.sourcetech.com.