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IRIS FINANCIAL NAMES MICHELE MCGOVERN CHIEF EXECUTIVE OFFICER

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20-year financial services technology veteran to take firm into adjacent markets and lead plan for organic growth and strategic acquisitions

LONDON - MAY 10th 2005: Iris Financial, provider of advanced trading and risk management solutions to the world’s leading investment banks, today announced the appointment of Michele McGovern as chief executive officer and a member of the board of directors. Her appointment takes effect immediately.

David Ure, Iris Financial’s non-executive chairman, said McGovern was chosen based on her proven ability to lead and grow companies through a combination of a customer– and delivery-oriented approach and innovation, together with robust financial management.

"Michele has 20 years of experience in the financial technology sector and this will be key in helping Iris move to its next logical phase of growth – she has built businesses and launched innovative solutions to capitalise on growing markets, delivering strong financial growth, whilst keeping customer satisfaction the top priority," commented Ure. "Michele is a strong leader for Iris who will be responsible for growing the Iris offering both organically and through strategic acquisitions."

Michael Chalfen, a partner at Apax Partners, Iris Financial’s majority investor, observed, "Michele has a clear vision for Iris to build on its existing leadership position in its core markets, grow into adjacent markets and create new market opportunities through the launch of new business lines. This market, in which Iris is well positioned, is ripe for consolidation of strong, niche players. Apax funds have the capacity to finance that process."

"I’m thrilled to join Iris and work with its board, investors, management team, employees and customers to help Iris become a recognised leader in financial services technology,” said McGovern. “Iris has a tremendous foundation upon which to build – the combination of its innovative development platform, depth of industry expertise of its employees and management and an unwavering focus on delivery and satisfaction are the ingredients from which to make a great company – one that makes a significant mark on the financial services marketplace."

Most recently, McGovern founded and served as managing partner of Ferous, a business acceleration firm that provides sales, business development, marketing and public relations services to CEOs and investors of emerging and growth financial services technology companies. McGovern continues as board member and advisor to Ferous.

Prior to Ferous, McGovern was president and CEO of Argenesis, a financial services technology company and subsidiary of publicly traded TenFold Corporation. Under her leadership, Argenesis built a client base of over 70 of the world’s leading securities firms, and launched new technology solutions in securities lending, wealth management, institutional billing and a buy- to sell-side trade order management application and portal.

She was founder and past-president of the McGovern Group, a financial services technology consultancy that over ten years delivered business and technology solutions to a range of the United States’ largest asset managers and banks. In addition, McGovern held senior finance positions with Wells Fargo Bank.

McGovern is a CPA and graduate of Northeastern University in Boston. She serves as a member of the board of directors of Xtiva Financial Systems, a provider of sales compensation and commission management solutions to the brokerage industry.

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