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Swallow Tech and Placid merge

SIBOS, Atlanta, U.S. October 13th 2004- Swallow Tech and Placid today announce their merger.

The merger combines two companies with 40 years experience in the world of reconciliation and back-office automation, both well known in the International Banking world. Their products have repeatedly been awarded SWIFT Labels for many years always conforming to SWIFT evolutions and market trends.

The combined operation now serves over 200 customers in more than 50 countries and in the 5 continents and is supported by several local agents.

Gustave Belvaux, Managing Director of Placid S.A. says: "The combined company provides an even better range of facilities, appreciated in many banks, and guarantees the long term life of the product line. Outstanding features of both offerings are being introduced in the combined product, responding to a larger variety of markets requirements, while based on proven systems."

Tony Waszkiewicz, C.E.O. of Swallow Tech, says: "The merger is an important step in our plans for growth, with further expansion to come."