DALLAS, Jan. 23 - Affiliated Computer Services, Inc. (NYSE: ACS), a premier provider of business process outsourcing and information technology solutions, announced today that it has been awarded a business process outsourcing (BPO) contract to process student loans with KeyBank National Association. KeyBank is one of the nation's largest bank- based financial services companies and the seventh-largest education lender in the United States.
Under the terms of the three-year contract, ACS will provide comprehensive student loan servicing for a part of KeyBank's private loan portfolio. ACS will also handle servicing for some of the new private loans originated by KeyBank, which will be transferred to ACS on a regular basis.
"ACS' record of excellence, scores of industry experts, and ability to integrate the latest technology will provide a seamless transition for our borrowers and enable them to continue receiving outstanding service for their private loan accounts," said Van Virtue, Sr. Vice President, KeyBank. "With ACS, we look forward to enhanced efficiency, expanded capabilities, and improved cost efficiency in our private loan servicing."
ACS will provide KeyBank with specialized support from its dedicated private loan servicing team located at ACS' education service center in Utica, New York.
"This contract is another opportunity to demonstrate why ACS is an asset to education lenders," said Steven Snyder, Managing Director of ACS Vertical Markets. "We provide our clients with a measurable edge in quality of service, caliber of technology, capacity to serve borrowers, and management of large volumes of information -- as well as an improved ability to control costs. We are committed to collaborating with lenders, not competing with them, and we are very enthusiastic about delivering best-in-class service for KeyBank."
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $92 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit the KeyCorp Web site at http://www.key.com .
ACS, a FORTUNE 500 company with more than 55,000 people supporting client operations in nearly 100 countries, provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company's Class A common stock trades on the New York Stock Exchange under the symbol "ACS". ACS makes technology work. Visit ACS on the Internet at http://www.acs-inc.com .
The statements in this news release that do not directly relate to historical facts constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous risks and uncertainties, many of which are outside the Company's control. As such, no assurance can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Factors could cause actual results to differ materially from such forward-looking statements. For a description of these factors, see the Company's prior filings with the Securities and Exchange Commission, including our most recent filing. ACS disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future event, or otherwise.
