Leading Financial Institution Solves Trading Application Performance Problems with Peribit Networks

Peribit Networks, the world leader in WAN application performance, today announced that Bank AlJazira, one of Saudi Arabia's leading financial institutions, has deployed Peribit Sequence Reducer products to improve application performance on its Wide Area Network (WAN) in more than 16 locations throughout the Kingdom, leading to a reduction in network traffic of over 75 percent.

Bank AlJazira is taking advantage of the Peribit Networks PeribSphere™ architecture and specifically, using Molecular Sequence Reduction (MSR) technology and Packet Flow Acceleration (PFA). Bank AlJazira has installed Peribit SR-50 and SR-20 sequence reducers across all branches of the bank network.

"Upgrading the WAN and increasing speed was not an option due to time constraints, higher costs and availability in certain locations,' said Abdel-Karrem Friehat, Division manager-technology, Bank AlJazira. "Being a key player in the growing regional financial sector, we needed a faster, more cost effective solution. Having tested Peribit comprehensively and achieved great results on MSR and PFA, our decision was straightforward. The ease of use of the technology provided by Peribit and its comprehensive PeriSphere™ architecture is what sealed the deal for us.'

"By deploying Peribit technology, we've vastly improved our key services including ‘Tadawul', our centrally located equities trading application. The reduced data levels coupled with the added bonus of latency reduction has greatly enhanced our service which provides real time pricing information, market news and other market data that aids stock trading to our valued customers.'

Peribit Networks' Packet Flow Acceleration (PFA) technology, an important component of the solution has helped the bank overcome the impact of latency on TCP-based applications, which is especially important when dealing with remote sites connected via satellite-based WAN links such as the bank's branches.

"Easy installation, unsurpassed performance and real time monitoring and reporting are just some of the advantages that have driven leading organizations in the region to deploy our sequence reducers. The success of the Bank AlJazira deployment is a key example of Peribit delivering on its promise of providing quick, painless network performance solutions with a rapid return on investment,' said Shane Buckley, President, International, Peribit Networks.

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About Bank AlJazira

Bank AlJazira is recognized as one of the leading financial institutions principally serving affluent individuals and successful national corporations in the Kingdom of Saudi Arabia. We are dedicated to continuously improving our offering to customers by providing them with innovative, high quality banking and investment products and services compliant with Islamic Sharia through highly motivated well-trained staff. We offer a full range of conventional and Islamic banking and investment products and services designed to meet the needs of our chosen customers. Bank AlJazira operates twenty two branches covering all major business areas throughout the Kingdom. Having recently installed state-of-the-art computers systems, we offer all modern banking facilities such as ATM cards with access to the national SPAN network, local and international share trading via phone and the Internet, a range of mutual funds, telephone banking, both Visa Gold Cards, and a wide range of business banking services.

About Peribit Networks

Peribit Networks improves customer business efficiencies by resolving the technical limitations of WANs, increasing available bandwidth, and accelerating applications. The Peribit PeriSphere architecture is the industry's only integrated WAN optimization architecture that enables application rollout and webification, data center consolidation, and improves disaster recovery/backup and regulatory compliance for enterprise IT organizations. The Peribit Sequence Reducer and Sequence Mirror platforms combined with the SRS Software System and PeriScope CMS Central Management System software provide significant, measurable return on investment within months of deployment. Recently named Silicon Valley's second fastest growing private company for the period of 2001 to 2003, Peribit Networks is funded by top-tier investors Accel Partners, Foundation Capital, and Mayfield. Headquartered in Santa Clara, California, Peribit has operations throughout North and South America, Europe, Middle East, Africa and Asia. For more information, please visit the company's website at www.peribit.com.

Copyright ©2004 Peribit Networks, Inc. All rights reserved. Peribit, the Peribit logo, PeriSphere, PeriScope, Molecular Sequence Reduction, MSR, Network Sequence Mirroring, NSM, Packet Flow Acceleration, PFA, Fast Connection Setup, Flow Pipelining, Active Flow Pipelining, AFP, Policy-Based Multipath, PBM, Sequence Reducer, SR, Sequence Mirror, SM, Sequence Reduction System, SRS, Central Management System, CMS, and My Peribit are trademarks or registered trademarks of Peribit Networks. All other products and services are trademarks, registered trademarks, service marks, or registered service marks of their respective owners.