Travelex Corporate Foreign Exchange Migrates from Siebel Software to Salesforce.com

Leading corporate foreign exchange provider opts for software-free CRM to support global sales force

SAN FRANCISCO, Calif. - January 22, 2003 - Salesforce.com, the market leader in online customer relationship management (CRM), announced today that Travelex, a leading provider of foreign exchange and international payment solutions, has standardized global relations on salesforce.com's online CRM solution. Dissatisfied with incumbent software from Siebel Systems [NASDAQ: SEBL] and faced with upgrade costs of $400,000 plus database administration and implementation expenses, Travelex decided to reevaluate its CRM technology with an eye to low total cost of ownership, ease of use, and end user adoption. Selecting salesforce.com's online utility model over software packages from Siebel and Goldmine, Travelex now easily supports its distributed global operations without requiring IT resources. Travelex's Corporate Foreign Exchange Division has already realized $300,000 in savings on software maintenance and support in addition to improvements in sales force efficiencies and closing ratios. The company estimates a $250,000 impact to the bottom line by the end of 2003, in addition to equivalent cost savings.

"Salesforce.com's online model solves implementation and synchronization pain without burdening our IT department," said Mike DeSimone, director of business solutions at Travelex in North America. "Travelex is regionally managed but globally coordinated, which makes it easy to get buried in the massive project of trying to implement CRM on a global scale. Salesforce.com went out and picked the best business problem to solve by being an ASP solution; CRM software just doesn't work in comparison."

Following its March 2001 acquisition of Thomas Cook Global & Financial Services, Travelex inherited a costly and IT-intensive Siebel implementation. Various factors, including complexity, focus and the departure of project personnel, made the system difficult to use and maintain. The Corporate Foreign Exchange Division elected to deploy salesforce.com's cost-effective, online CRM solution to get a complete view of the customer. Impressed with the application's functionality, performance, and ease of use, Travelex decided to make salesforce.com its global standard and integrated the application in-house to provide a comprehensive view of client information and data warehouse statistics. Management also analyzes customer trends and manages attrition through the same intuitive interface.

"CRM software vendors typically downplay the soft costs and IT obstacles involved in implementation projects," said Marc Benioff, chairman and CEO of salesforce.com. "So companies purchase systems in good faith, and are left hanging years down the line. Salesforce.com delivers immediately, online, without any hidden expenses or IT complications."

Companies are switching to salesforce.com, driven by frustration with the costs and limitations of client/server software. Divisions and workgroups within large companies are implementing salesforce.com in spite of corporate mandates to use legacy CRM software. Given the quick success seen with salesforce.com, usage is growing virally - to more than 5,700 salesforce.com customers and 75,000 users worldwide - as executives switch from enterprise software to online CRM success.

About The Travelex Group

The Travelex Group is the world's leading foreign exchange specialist providing services and solutions to corporate, wholesale and retail clients. As the largest non-bank provider of foreign exchange and international payments, Travelex helps their clients move money around the world to maximum advantage, with minimal effort.

Travelex has more than 5,000 with offices in 31 countries and corporate relationships in 97 countries spanning the globe, serving over 29,000,000 customers each year. In addition to Corporate Foreign Exchange, Travelex offers retail travel money, travellers cheques, pre-paid cards, currency services, travel insurance, worldwide money transfer, e-commerce, foreign coin services, global services and ATMs. For more information, visit www.travelex.com.

About The Travelex Group

The Travelex Group is the world's leading foreign exchange specialist providing services and solutions to corporate, wholesale and retail clients. As the largest non-bank provider of foreign exchange and international payments, Travelex helps their clients move money around the world to maximum advantage, with minimal effort.

Travelex has more than 5,000 with offices in 31 countries and corporate relationships in 97 countries spanning the globe, serving over 29,000,000 customers each year. In addition to Corporate Foreign Exchange, Travelex offers retail travel money, travellers cheques, pre-paid cards, currency services, travel insurance, worldwide money transfer, e-commerce, foreign coin services, global services and ATMs. For more information, visit www.travelex.com.