updated 5/13/2011 1:47:16 PM ET 2011-05-13T17:47:16

BOSTON, May 13, 2011 (GLOBE NEWSWIRE) -- Bloomberg BusinessWeek and the Initiative for a Competitive Inner City (ICIC) announced Monday that BankServ has been named to the Inner City 100, a list of the fastest-growing urban companies in the U.S. A San Francisco-based provider of SaaS-based payments technology, BankServ placed 69th on the 2011 list, up from its 77th-place ranking last year.

This year's showing marked the seventh time in the past eight years that the company has appeared on the list, which ranks businesses of all sizes based on average five-year growth rate. This was also the third consecutive year that BankServ was recognized as a member of the Inner City 100 Hall of Fame, a distinction reserved for companies that have made the list at least five times.

"This year's Inner City 100 were chosen from thousands of nominees, and BankServ is among the leaders in this distinguished group," according to Debora Shufrin, SVP, Programs Initiative for a Competitive Inner City. "These companies are the ones helping to lead the recovery in urban centers by staying put and bringing job growth and economic activity to the regions in which they were founded."

"We're especially proud to make the Inner City 100 ranking again, given the tough business climate that has been present over the past few years, particularly in the financial sector," said BankServ CEO David F. Kvederis. "Despite operating in an industry that was one of the most affected by the recent downturn, BankServ has continued to grow. I believe that success is a testament to both the long-term sustainability of our SaaS business model and the hard work of our talented employees, so it means a lot to be recognized for our efforts."

The rankings for each company were unveiled at the Inner City 100 Awards Dinner on Thursday in Boston. Inner City 100 companies derive more than half of their revenues from regional, national, and international sales. Across all sectors, Inner City 100 firms are more productive than their sector peers throughout the U.S., according to U.S. Census data.

The BankServ logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8679

CONTACT: More about ...
         Initiative for a Competitive Inner City: www.icic.org
         Inner City Advisors: www.innercityadvisors.org

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