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Cognito Begins Internat'l Expansion with N America

Cognito Software Begins International Expansion with North American Market


Auckland, October 31, 2006 – Cognito Software, developer of the MoneyWorks range of accounting software systems, announced today that that it has entered into a strategic marketing and sales agreement with Argyle and BroadStreet Inc. in Canada to promote the sale of MoneyWorks in the North American market.

Argyle and BroadStreet specialises in developing technology sales channels in North America. It will be directly responsible for setting up channel distribution for the complete line of MoneyWorks products – Cashbooks, Express, Gold and Datacentre – in Canada and the United States.

“We are ecstatic about the opportunity to bring a truly great accounting package to the North American marketplace. There is definitely a pent up demand for a robust, scalable accounting system that can be purchased in a retail package, especially on the MacIntosh platform. We have only just introduced the product and resellers are already lining up for inventory,” said Robert Broadhurst, President of Argyle and BroadStreet.

The agreement marks Cognito Software’s first formal move into international market outside of Australia and New Zealand. Market research and advisory firm IDC forecasts that the Canadian ICT market will grow 3.9 percent per year until 2010. Small and Medium business spending will account for 25 percent (C$4.6 billion) of the total IT market in Canada, driven by spending increases across software, hardware and services.

“With this agreement, we now have the foundation in place to establish a global footprint,” said Dr Grant Cowie, Managing Director of Cognito Software. “This will enable us to supply product and customer service locally within one of the world largest economies.”

Cognito Software has a fifteen-year history of developing and delivering leading edge accounting software solutions to the New Zealand and Australian marketplaces. MoneyWorks was originally introduced in 1992 and is relied on by thousands of small and medium sized businesses throughout New Zealand and Australia.

About Cognito Software:
Cognito Software is based in Auckland, New Zealand and launched the first MoneyWorks accounting software system in 1992. Designed from the ground up to provide the best possible GST support for both data entry and GST reporting, MoneyWorks products are localised or self-localising for GST/VAT systems in New Zealand, Australia, Canada (including support for provincial sales taxes), U.S.A, Nepal, South Africa, Singapore and the UK. MoneyWorks products are now used in over 30 Countries by more than 12,000 organisations.

ENDS

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