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Charles River Development Named One of New England's Fastest Growing Technology Companies in Deloitte Technology Fast 50 Program

Charles River Ranked for Second Straight Year; Firm Posts 5th Consecutive Year of Double-Digit Revenue and Profitability Growth -

Burlington, MA. – August 16, 2004 – Charles River Development, a market-leading provider of financial software and consulting services to the global investment management community, has been named to Deloitte's prestigious Technology Fast 50 Program for New England for the second consecutive year. Deloitte’s Technology Fast 50 Program for New England is a ranking of the 50 fastest growing technology companies in the area by Deloitte & Touche LLP, one of the nation’s leading professional services firms. Deloitte will announce Charles River’s ranking among the 50 New England companies at a private event at the Museum of Fine Arts on September 15. Deloitte Technology Fast 50 rankings are based on the percentage of growth in fiscal year revenues over five years, from 1999–2003.

Charles River Development's CEO Peter Lambertus cites the following primary reasons for the company’s consistent growth over the past five years: "innovative technology, a commitment to customer service, and the firm’s ability to deliver new features in step with clients’ evolving business needs." He said, "An investment management firm’s operations are constantly evolving to accommodate new lines of business, new technologies, and most recently, an onslaught of new compliance mandates from governments, regulatory bodies, and their own client base. As a result, they have an ongoing need for infrastructure investment and upgrade. Charles River is successful because we deliver the tools investment managers need to simultaneously grow their business, streamline operations and comply with regulatory demands. What’s more, these tools are wrapped in superior, flexible technology and outstanding service."

"In today’s economy, double-digit percentage revenue growth is an exceptional accomplishment," said Stephen DiPietro, Deloitte partner responsible for the New England Technology Fast 50 Program. "We commend Charles River Development for making the commitment to technology and delivering on the promise of market longevity. We are proud to honor Charles River as a Deloitte Technology Fast 50 winner."

To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 1999 and $1,000,000 in 2003, must be public or private companies headquartered in North America, and be a "technology company" defined as owning proprietary technology that contributes to a significant portion of the company's operating revenues (using other companies' technology in a unique way does not qualify); and/or devoting a significant proportion of revenues to research and development of technology.

The New England Technology Fast 50 Program is co-sponsored by Wilmer Cutler Pickering Hale and Dorr, and is supported by Mazonson, the American Stock Exchange and Mass High Tech.

Winners of the 19 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte Technology Fast 500 program, which ranks North America’s top 500 fastest growing technology companies.