Company Logo Wednesday, May 12, 2004

Software Innovation Inc. acquired by Verdexus

Software Innovation Inc. acquired by Verdexus, set to launch new growth phase

Toronto, Ontario – May 12, 2004 - Software Innovation Inc. today announced that the company has been acquired by Verdexus, a boutique investment and management firm. This acquisition represents a new phase of growth for Software Innovation Inc. - new financing will be used to fund market expansion for all product lines as well as to drive research and development for Software Innovation Inc.’s Project Collaboration System. Seasoned management additions from Verdexus, including Randall Howard (CEO) and Waqar Zaidi (COO), bring expertise in the development and operation of global technology companies as well as complementing existing domain knowledge and management.

Software Innovation Inc. will continue to deliver solutions to its clients including Project Collaboration Systems (PCS), growBusiness customer relationship management (CRM) and ProArc document management. Software Innovation Inc.’s PCS collaboration solution is relied on by companies for use in capital projects by over 6500 users in 20 countries around the world. ProArc is an advanced document management system designed for use in complex technical environments like large capital projects. growBusiness is the extended CRM solution from Norway’s Software Innovation ASA that goes beyond the functionality offered by traditional CRM to present solutions that address all of an enterprise´s business channels.

“This acquisition and additional investment represents a strengthening of the strategic relationship for Software Innovation ASA and Software Innovation Inc.,” says Per Kveim, CEO of Software Innovation ASA. “The two companies will continue to work closely to support customers and to drive new business, and we believe that this transaction will provide Software Innovation Inc. with greater freedom and ability to grow and to pursue the extensive market opportunities available throughout North America.”

“We are very enthusiastic about the opportunity to develop the Software Innovation Inc. organization,” says Randall Howard of Verdexus and the new CEO of Software Innovation Inc. “We see an excellent market opportunity here and plan to aggressively pursue that opportunity through SI Inc. Our goal is to take the relationship with our Norwegian partner Software Innovation ASA, to the next level while expanding our position in the project collaboration for capital projects space. The companies, the people and the technology involved are all outstanding and well suited to help us meet our goals with the organization.”

About Software Innovation Inc.
Software Innovation Inc. is a leading provider of integrated project collaboration and advanced document management solutions for the Architecture, Engineering and Construction (A/E/C) market, particularly for large capital projects. These integrated solutions drive a rapid return on investment as part of capital projects by dramatically reducing costs, reducing project timelines, and by mitigating legal and financial risks. The company also delivers tailored technology solutions for clients, based on project collaboration, document management and customer relationship management technologies. Founded in 1997, Software Innovation Inc. is based in Toronto, Canada and services clients throughout North America and around the world. The Software Innovation website is www.softinn.com.

About Software Innovation ASA
With over 500 employees, Software Innovation is a leading software and consulting group in the Nordic countries in the area of mission-critical systems that support customer-related processes (CRM), document flow and workflow - (Document Management), as well as business-critical reporting and analysis (Business Intelligence and Data Warehousing). All solutions are designed to allow communication via internal or external Web portals and support for all communication channels. Established in 1984, Software Innovation’s objective is to help its customers to develop effective processes that support their value creation and growth.

About Verdexus
Verdexus is an international, strategic management and financial boutique firm dedicated to turning great technologies into globally competitive companies. We do that by leveraging our extensive management know how, finance partners and international networks to build technology ventures faster and further. Founded in 2001 by international technology entrepreneurs that have founded and built global technology companies, Verdexus provides seasoned operational executives that turn strategy into execution and build new levels of strategic market value for technology companies.

linkback: http://www.softinn.com/news_pr_2004_05_12.asp

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