The Internet banking software company BroadVision Inc. said it has entered into a joint marketing agreement with Security First Network Bank, Atlanta.
To cement the arrangement, the partners said each would buy $3 million of stock in the other during the third quarter, or after Security First closes the previously announced sale of its Internet banking operations to Royal Bank of Canada and adopts the name Security First Technologies.
BroadVision sells Internet-based marketing and relationship management software to banks and other corporations. Customers for its "One to One" product line include a subsidiary of Citicorp, which is a Security First shareholder, as well as Credit Suisse First Boston and Development Bank of Singapore. The company has a strong presence internationally, especially in the Asia-Pacific region.
The BroadVision deal would add automated cross-selling capabilities and targeted marketing messages to Security First's Internet banking program, said Neeraj K. Vohra, analyst at Friedman Billings Ramsey & Co., Arlington, Va.
BroadVision spokeswoman Janine Kromhout said the company sees Security First's customer base-including 14 of the top 100 U.S. bank holding companies-as an efficient route to growth.