COGNOTEC ANNOUNCES THREE SENIOR MANAGEMENT NEW HIRES

London & Dublin - 18 September 2006

- James McNaught-Davis re-joins the board of Cognotec
- Bernadette Cullinan joins Cognotec from SteelTrace Ltd as Deputy CEO
- Michael Thrower joins Cognotec from Wall Street Systems as Head of Sales and Marketing

Cognotec, a global provider of leading-edge FX trading solutions to financial institutions, is pleased to announce three significant appointments to its senior management team. James McNaught-Davis, who re-joins the board of Cognotec, Bernadette Cullinan as Deputy Chief Executive Officer, and Michael Thrower as Head of Sales and Marketing, will all play crucial roles in the shaping the future direction of the company through its current phase of strong growth.

Brian Maccaba, Executive Chairman of Cognotec says of the appointments "I am very excited that we have been able to attract such high caliber candidates to join our board and senior management team at a time of significant growth for the business." Maccaba added, "Cognotec's sales have grown by more than 50 percent in each of the last two years and last year's profits more than doubled. Industry research indicates further significant growth in the online trading of foreign exchange through to 2010. Cognotec is investing heavily in its new Cognotec RealStream(tm) trading platform and other solutions to ensure we can continue to maintain our current market leadership position."

James McNaught-Davis who re-joins the board of Cognotec has extensive experience in both the financial and software industries. Educated at Cambridge University and the Wharton Business School, McNaught-Davis, early in his career, worked in investment banking at Merrill Lynch and in mergers and acquisitions and corporate development at Misys Plc.
Since 1996, McNaught-Davis has worked in the venture capital industry and has been a Managing Director and Partner at Warburg Pincus and a General Partner at Advent. Although based in London, McNaught-Davis has had an extensive involvement with the Irish software industry, having previously been on the Cognotec board from 1998 to 2002, and is currently Chairman of Valista and a Director of Fineos.

Appointed as deputy chief executive officer, Bernadette Cullinan has, over the past decade, been CEO of SteelTrace and Novum and COO of Performix. She has previously worked in management consultancy and for the Virgin Group in both London and Sydney. In Cullinan's most recent position as CEO of SteelTrace, revenue grew by over 100 percent in the year following her appointment, which led to the acquisition of SteelTrace at a multiple of 11 times revenue. Cullinan is also the current Chairman of the Irish Software Association.

Mike Thrower joins Cognotec with over 20 years of experience in financial IT and a deep knowledge of the market for banking software solutions on a global basis. His previous position was Director of Marketing and Business development at Wall Street Systems where he worked for 10 years. Thrower began his career on the graduate training programme at JPMorgan, where he subsequently spent 7 years, prior to moving to positions in Credit Suisse and Hill Samuel.

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