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PolarLake Appoints John Randles As Chief Executive Officer

Former CTO Banking at Siebel Systems to lead focus on growth in Financial Services and Government

Dublin, Ireland, 23rd May 2006 – PolarLake, a world leader in the automation of business processes across organisational and technical boundaries, today announced the appointment of John Randles as CEO.

John joins PolarLake from Siebel Systems, where he was CTO Banking and responsible for the Retail Banking business across the Americas and EMEA. Prior to joining Siebel John was CTO of Eontec, a world leader in component-based banking systems, which was acquired by Siebel Systems in 2004. John also led Eontec’s business in North America and had previously led Product Development, Strategy, Product Marketing, and pre-Sales globally. John graduated from the University of Limerick with a degree in computer engineering.

"I am delighted to be joining PolarLake," commented Randles. "With a world-class product and a solid customer base, including some of the world’s largest names in Investment Banking and Government, the company is ideally positioned to enjoy significant growth. After speaking to many existing PolarLake customers, I am convinced that this technology will continue to deliver innovative solutions supporting the facilitation, management and control of business-to-business relationships. In this growing market PolarLake’s unique product offering will continue to deliver value to an increasing number of customers in the Financial Services and Government sectors."

"With his extensive experience in the delivery of customer-focused business solutions, John represented an ideal choice as CEO," said Philip Crawford, PolarLake chairman. "As a company we are ready to take a significant step forward. Our focus remains on the real-world business needs of our customers. John’s experience and expertise will help us address those needs, and enable our customers to create stronger, more profitable relationships with their own customers and partners."