NEPTUNE TO EXTEND PRODUCT DEVELOPMENT INTO INDIA

London, UK - 12 December 2006

Neptune Software plc, a leading provider of universal banking solutions, today announced that the company has entered into a Build-Operate- Transfer (BOT) agreement with Cordiant Technologies, an offshore product development partner for Independent Software Vendors (ISVs) to advance its comprehensive Universal Banking System application code-named ‘Supernova’.

Under the terms of the agreement, Cordiant has put together a new development team in Chennai, India that will serve as an extension of Neptune’s development efforts to work on its next-generation UBS application. The India team was put in place within 60 days and will now work with Neptune’s teams in London and Lagos in a Distributed Collaborative Development framework. Cordiant will leverage the company’s Resource Lab for ISVs in International Tech Park, Chennai for its work with Neptune Software.

The Cordiant team in India will help develop the UBS system for Neptune Software through a seamless transfer of Product Domain Knowledge and taking control of some elements of the application midway through the software development life cycle. Cordiant’s experience in banking application development will provide new functionality for this UBS system in the areas of regulatory reporting and monitoring systems using Java and related SOA technologies.

“We are delighted to have reached an agreement with Cordiant to advance what we believe is a world-class Universal Banking System in London, Lagos, and Chennai, India,” said Harold Dempster, Director, Neptune Software. “Cordiant provides us with a low risk entry for offshore development efforts and an experienced team that ramps up its software development efforts while providing a stable infrastructure to get the work done with speed and quality.”

“We are very pleased to work with our new business partner to develop this UBS
application,” said Dennis Paul, CEO, Cordiant Technologies. “Our staff specialises in
providing complete offshore development services for ISVs around the world with
exceptional value. Our functional and technical design, rapid development, product testing and deployment testing teams make sure our software development results meet the high expectations of our partners and their customers.”

Neptune seeks to increase its UBS leadership through a significant investment in product research and development. By partnering with Cordiant, Neptune gains a new development subsidiary that uses offshore development, quality assurance, and rigid product development testing cycles that result in software products being brought to market faster and more cost effectively. Cordiant’s proven leadership and results for global ISVs made the company the ideal partner for Neptune Software.

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