PENDO SYSTEMS, INC. Selected as semi-­finalist for Innotribe Startup Challenge

Singapore and New Jersey, NJ - 20 April 2012

PENDO SYSTEMS, INC. (PENDO) is pleased to announce that we have been selected as a semi -finalist of the Innotribe Startup Challenge, honouring the company as one of the most promising financial technology and financial services startups.

On 24th April, PENDO will compete against 14 other startups at Innotribe Challenge Showcase in Singapore to secure a place as a finalist for the grand prize and on -going support from SWIFT to grow the business. Innotribe, SWIFT’s initiative to foster collaborative innovation in financial services and a panel of industry experts selected 15 semi -finalists from hundreds of applications to enter the Challenge. PENDO will pitch our solution to a panel of the financial industry’s leading angels, VC’s and decision makers.

Why - in 2012 - do we still fear the next financial collapse? Since the 1980’s the industry has used technology to evolve into a global financial network, create countless new assets classes, built Star Wars -worthy transactional systems and passed new regulations to manage it all. But - today’s global investment accounting is an undependable mix of people, pivot tables and legacy applications. As a result, we still fear the next failed country, institution or scandal and pray we are not exposed.

Pendo’s BasisPoint brings innovation to the boring world of accounting and is the solution the SWIFT community needs for true financial transparency. The first global investment accounting application to enter the market in over 20 years, BasisPoint focuses on the most critical piece of data within any financial institution - tax lot level accounting data, BasisPoint provides true exception processing and sophisticated multi -jurisdictional functionality and reporting (i.e. IFRS, Basel II, GAAP) – and – the transparency you need to keep your firm out of the headlines. “We have developed one of the most innovative applications to hit the market in decades.

We have had some great early success, but it’s no secret the financial crisis has affected everyone – including Pendo. Far too often, those considered ‘too big to fail’ view us as ‘too small to succeed’. That is not only unfair, its wrong.” states, Pamela Pecs Cytron, Founder and CEO of Pendo “We are thrilled to be nominated as one of five semi -finalists in the innovation category in the SWIFT Startup Challenge. Winning this honour will provide our firm the ability to demonstrate why a collaboration between Pendo and the SWIFT community can establish the accounting foundation the Global finance industry deserves – and desperately needs.” The winners of the Startup Challenge Showcase in Singapore will be invited to SIBOS in Osaka to compete for the $50,000 prize against other finalists from the New York and Belfast Challenge Showcases.

The winner of the Singapore Challenge will also attend Innotribe Bangkok at the Asian Banker Summit, where they will have the opportunity to present their business to leading members of the banking and corporate community.

Matteo Rizzi, Innovation Manager, Innotribe, says “I’m delighted to announce PENDO as a semi - finalist and look forward to discovering more about the business. This year’s semi -finalists have assessed the developments and trends in the region and have identified opportunities in the market. The entrants have each demonstrated a forward -thinking and innovative approach to the financial sector and have developed start -up businesses which could have profound impacts on the future of the industry. I’m extremely excited to give PENDO the opportunity to pitch its ideas to some of the top decision makers in the industry”.

We’d like to thank SWIFT Innotribe, Cisco, Invest in Northern Ireland, Sberbank and the other Innotribe Challenge Partners for making the Innotribe Startup Challenge possible.

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