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Citisoft Investment Management Consultants Merge With The Rowan Group in US Expansion

09 October 2002 - London - Citisoft and The Rowan Group have today announced their merger, as part of the US expansion of specialist investment management consultancy, Citisoft. The merged companies will create a global professional services firm offering market-leading expertise in the delivery of business and systems solutions to the investment management sector.

The expansion will enable Citisoft to increase the breadth of its global services, enhancing localised support and implementation of global initiatives such as 24/7 trading, post-merger integration projects and enterprise application implementations. The merged company will offer investment management institutions an exceptional level of experience in implementing system strategies covering every business function through the front, middle and back office.

The Rowan Group's clients will benefit from immediate access to Citisoft's expertise built on a 16-year track record of project management and implementation at the world's foremost investment management firms. Citisoft offers product knowledge, an experienced resource pool and proven processes such as fast-track system evaluation and selection. Citisoft will leverage The Rowan Group's US market intelligence, reputation and vendor relationships to enhance its service to its large portfolio of clients with US operations and accelerate its expansion in the US.

Jonathan Clark, Executive Director of Citisoft plc comments:

"Citisoft's position as the market's leading provider of consultancy to the investment management industry requires that we expand to meet client demands for local servicing on global projects. By merging with Boston-based The Rowan Group we immediately establish a very strong presence in North America, resourced with an exceptional team of career consultants. From this base we will be able to extend our offering of professional, client and result focused consulting services to US and global investment managers."

Daniel Houlihan, co-founder of the Rowan Group, now Managing Director Citisoft, Inc., comments:

"Citisoft and The Rowan Group's decision to merge was motivated by the exceptional level of commonality and synergy in industry focus, culture and approach between the two companies. From executive decision-making to service definition and delivery - it was clear that together we could provide exceptional quality to the global financial services marketplace.

"Our collective strength, knowledge base and experience will enable Citisoft to become the premier consulting provider to the North American investment management marketplace and subsequently the world's leading provider."