PA Early Stages Incurrent Solutions Acquired by Online Resources Corp.

Founded in 1997, Incurrent Solutions, now the Card Credit Services division of Online Resources, develops and operates web-based services for the global credit card industry, including issuers of consumer, small business, corporate TE, purchasing and private label cards. Online Resources is a leading outsourcer of Internet banking and payment services to banks, credit unions and payment acquirers. PA Early Stage played a critical role in helping us build our business into one of the premier web-based services for the credit card industry, said David J. Hickey, former chief executive officer of Incurrent Solutions and now president of Online Resources Cards Credit Services division. PA Early Stage participated in the companys second round of funding in 2001. The combination of Online Resources proprietary services to the financial industry and Incurrents technology and strength in the credit card services industry will be very powerful, said Dean Miller, a partner at PA Early Stage and a former member of Incurrent Solutions board of directors. PA Early Stage has a strong record of successful portfolio company liquidations, including AANetcom, a fabless semiconductor company, which was acquired by PMC-Sierra in a transaction valued at approximately $900 million; OraSure Technologies, a leader in oral fluid diagnostics, which merged with a publicly-traded company in a stock deal valued at approximately $255 million; and Half.com, a leading exchange that connects buyers and sellers, which was acquired by eBay in a transaction valued at approximately $300 million. The management team just recently announced the close of PA Early Stage III, an $86 million fund, raising its total under management to $237.5 million.