London - 15 February 2007

Evaluation Based on Completeness of Vision and Ability to Execute

QUMAS, the leading developer of enterprise governance, risk and compliance solutions, today announced Gartner positioned QUMAS in the Visionary Quadrant in the “Magic Quadrant for Finance Governance, Risk and Compliance Management Software, 2007” report.

According to the report, “Visionaries have a solid understanding of the market as demonstrated by domain expertise and responsiveness to their customers' expectations. They are actively executing against an aggressive product road map that expands support to additional regulatory and non-regulatory compliance needs.”

QUMAS believes that organizations are constantly challenged to capture, assess and manage compliance risk. Many lack a systematic process and single platform to realize the comprehensive, continuous compliance program that is needed in today’s highly regulated environments.

Increasingly, QUMAS sees more organizations recognizing that by taking a holistic approach to addressing their compliance needs they can attain a greater business advantage.

“QUMAS provides the only true end-to-end closed-loop compliance solution for financial services firms. We believe our positioning in the Visionary Quadrant validates companies’ growing need to manage compliance issues on a single platform,” said QUMAS CEO Kevin O’Leary. “Applying a closed-loop compliance solution minimizes the risk of disruptive investigations, reduces reputation risk and puts companies in a better position when facing any type of litigation. Our closed-loop compliance solution highlights interdependencies across the enterprise, and provides a proactive way to capture, identify and remediate regulatory violations and compliance risk.”

The report, “Magic Quadrant for Finance Governance, Risk and Compliance Management Software, 2007” was issued on February 1, 2007. The Magic Quadrant assessed 19 vendors “on the products they offer for the management and operational support of compliance with corporate governance regulations and standards, including the capabilities for improving the governance and risk management associated with financial processes. Finance GRCM solutions support the management, workflow, documentation and reporting associated with financial controls, which are required by SOX and other similar regulations.”1

The QUMAS position in the Visionaries Quadrant of Gartner’s Magic Quadrant continues the Company’s string of successes over the past year, including:

· Named Irish Software Association Company of the Year
· Recognized as a Deloitte Irish Technology Fast 50 Company for the seventh consecutive year
· Named to Software Magazine’s Software 500 list for the fifth consecutive year
· Significant expansion of both its customer and strategic partners base
· Expansion of the QUMAS Research & Development Centre based in Cork , Ireland with a substantial investment of €4.4 million and backing from Enterprise Ireland

The QUMAS Compliance Suiteâ„¢ consolidates and standardizes the entire range of enterprise compliance and governance components into a comprehensive framework that eliminates the cost of managing disparate and isolated applications. With the QUMAS Compliance Suite, companies are able to make informed decisions to optimize performance levels, accelerate the delivery of new products and gain control across the enterprise.

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