WEST LAFAYETTE, Ind. — Passageways LLC experienced another year of growth in 2007.
The provider of intranet portal solutions to credit unions and other enterprises said revenue grew 56% during the year, driven by the addition of more than 40 new credit union and community bank clients, bringing the total client count to more than 100.
The client wins included two of the largest credit unions in the country: $4.8 billion Alliant FCU in Chicago and $4.5 billion American Airlines FCU in Fort Worth, Texas.
Strategic relationships also were formed with Callahan & Associates, Members Development Group, and the Indiana Credit Union League.
New modules and integration projects were completed at more than 50 existing client sites. Passageways also completed the acquisition of Houston-based Engineering Business Solutions and brought the modules offered to more than 25 with the addition of five, including e-Forms, Executive Dashboards and Learning, Knowledge and Lobby Management.
An application service provider service was launched and the company's staff also grew to more than 20 with the addition of eight new employees during the year.
"Passageways experienced a great deal of growth in 2007, largely because there is a renewed interest among community banks and credit unions to leverage recently developed communications technologies into internal
efficiencies," says Paroon Chadha, a Passageways vice president who co-founded the company in 2003 as a CUSO of Purdue Employees FCU.
Passageways' annual PowWOW Advanced User and Developer Conference is scheduled for May 7-9 at the W Hotel–Lakeshore in Chicago and Chadha says the company hopes to exceed last year's attendance, which broke the 100 mark.
–mrapport@sc.rr.com
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