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SolNet acquires Melbourne software company


FOR IMMEDIATE PRESS RELEASE

SolNet acquires Melbourne software company

WELLINGTON - October 30, 2000

SolNet Limited has acquired Melbourne-based Lifeboat, a 22-person software company.

Lifeboat's expertise covers project management; strategic IT consultancy; system design, development, testing and delivery; and application support and training. The company has particular expertise in Unix, Java and Oracle-based environments, and in e-commerce, telecommunications, networking and the Internet.

"Lifeboat is an excellent fit for SolNet as we grow our Australian operation," says SolNet managing director Murray McNae. "Like SolNet, Lifeboat has a track record of successful project implementation and the company's skills mix - with its focus on open, object-oriented environments and on e-commerce - complements SolNet's core competencies extremely well."

According to Lifeboat director Bruce Goodwin, the acquisition provides the opportunity to leverage SolNet's relationships with Sun Microsystems and with iPlanet E-Commerce Solutions to significantly grow the business.

"Becoming part of SolNet's successful trans-Tasman operation allows us to really leverage our professional services and development expertise to take advantage of the many opportunities emerging in the e-commerce space," says Goodwin. "Sun and iPlanet are undoubtedly international leaders in the e-business market, and SolNet's excellent relationship with both organisations will add a lot of value to our business."

"We were also impressed by the commitment SolNet have shown to their people," adds fellow Lifeboat director Steve Kues. "Investing in your people is the most important project a company can take on. With this acquisition, Lifeboat's staff have gained many opportunities to extend their skills and enhance their careers."

The acquisition of Lifeboat takes SolNet's total Australian operation to just over 40 staff.

"The growth of SolNet in Australia has been extremely pleasing, " says McNae. "Our decision to move across the Tasman earlier this year has certainly been vindicated by the many business opportunities we have already become involved in in the Australian market, and we are finding there is no shortage of demand for the sorts of skills and expertise SolNet has to offer."

For further information, contact:

Murray McNae Managing Director SolNet Ltd. Phone: 64-4-462-0720

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