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Emirates Financial Towers, Office # S703
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SMARTSTREAM ANNOUNCES STRATEGIC US RECRUITMENT IN ITS FAST DEVELOPING SOLUTIONS BUSINESS

New York, USA, July 13th, 2004. SmartStream announces that Richard Eichen has joined the firm as General Manager of US Solution Services based in New York reporting to Lou Longhi, US Managing Director.

Eichen's appointment is a key services component in the roll out of the company's STP Control Architecture (STPCA) vision that is transforming SmartStream from an application provider to a strategic partner, providing a broad range of STP solutions and services to its world wide clients.

This appointment is a strengthening of the company's capability to partner with its customers to agree strategy, design and deployment of its STP solutions. Demand for STPCA solutions has grown significantly since the company incepted its strategy - leading financial institutions are moving to production and others are in implementation and purchasing cycles.

Prior to joining SmartStream, Eichen was Managing Director - Financial Services Consulting for Vitria Technologies, where he focussed on operations and STP business and relationship development. With twenty years technology and financial services experience, he has held leadership positions at a range of prestigious firms including Tandem, Citibank, Oxford Associates and IBM.

Eichen will be responsible for the onward development of SmartStream's solution services in the Americas. Commenting on the appointment Longhi stated, "Our clients' expectations are rapidly changing from asking us to assist in their implementations to focusing on a longer-term, trusted relationship, where we are involved in charting the way forward, solution design and technology deployment as well, ultimately, knowledge transfer to the client. Richard has the right experience to enable our organisation to successfully deliver on these opportunities and grow SmartStream's solution services team."

Longhi continues: "As clients continue to rationalize the number of vendors to fewer strategic partners we aim to ensure SmartStream is amongst that few. Richard's appointment reflects our belief that Financial Services firms are beginning to see a return to a growth and will welcome software and services solutions to efficiently manage revenue growth, risk and cost control."

"I am delighted to have joined SmartStream which is clearly the Thought Leader in its area of STP." said Eichen. "SmartStream's STP Control Architecture is taking the company into new markets in the Middle and Front Offices. The opportunity for clients to now focus on straight through processes that manage the entire lifecycle of the transaction has never been greater. I'm looking forward to leading and growing the team of experienced professionals with proven capabilities and deep business knowledge to support our customers in this challenge." He concluded.