"Corum helped us every step of the way... planning, documenting, prospecting, valuation, interviewing, and negotiating. We couldn't have done it without them."

Lance Shipp
Micronyx Inc.

Q3 2008 Financial Services Transactions

Bankrate acquires Bankaholic

Bankaholic, an online site providing information about certificates of deposit, savings accounts, and money market accounts, has been acquired by Bankrate, Inc. Bankrate said that John Wu, the founder and sole employee of Bankaholic, will work with the firm for a specified period of time during the transition. Bankrate is a provider of personal finance information, and operates Bankrate.com, Insureme.com, Interest.com, and other personal finance specific websites.

Announcement Date: September 24, 2008
Deal Value: $12.4 Million (Cash plus potential earnout of up to $2.5 million)

Wolters Kluwer Tax and Accounting acquires Ci3

Wolters Kluwer Tax and Accounting has acquired CI Consultancy Limited (Ci3), a leading international developer and supplier of operational risk control solutions to financial institutions and corporations worldwide. Wolters Kluwer Tax and Accounting, a unit of Wolters Kluwer, is a leading provider of tax, accounting and audit information, services and software solutions serving professionals in the U.S., Europe, Canada and Asia Pacific under the CCH brand name. Ci3, based in Dublin, Ireland, serves over 3,000 users in Europe, North America and Asia Pacific, with enterprise risk management (ERM) software, governance, risk and compliance software and IT consulting services to provide corporations with a comprehensive view of operational risk in conjunction with audit activities.

Announcement Date: September 24, 2008
Deal Value: Undisclosed

Ebix to acquire Healthaxis

Ebix, Inc., an international developer and supplier of software and e-commerce solutions to the insurance industry, is acquiring Healthaxis, Inc. Ebix expects the transaction would be immediately accretive to its earnings following the closing of the transaction and significantly accretive thereafter. Ebix believes that its offer of merger would create a strong combined company with an annual run rate of approximately $96 million, and a net income and EPS that would be substantially accretive to shareholders.

Announcement Date: September 23, 2008
Deal Value: $6.8 Million (Cash offer of $3.5 million, out of which $3.0 million would be paid to the Healthaxis shareholders, and $0.5 million would be paid as termination fee to BPO Management Services plus $3.3 million in stock.)

Omgeo acquires Allustra

Omgeo has acquired London-based collateral management technology provider Allustra. Allustra offers a suite of products that provides customers the ability to consolidate trade positions across asset classes, including OTC derivatives, and to manage the collateral process that mitigates the associated counterparty risk. In addition, Omgeo acquired a derivatives portfolio reconciliation platform designed by Global Electronic Market (GEM), after piloting the technology with brokers/dealers and a hedge fund. By joining GEM's derivatives reconciliation capabilities with Allustra's collateral management solution, Omgeo now offers a combined derivatives product line.

Announcement Date: September 16, 2008
Deal Value: Undisclosed

Standard Life acquires Vebnet

Technology company Vebnet is being bought by insurance giant Standard Life in a deal that will give the insurance company a chance to expand its corporate pensions offering. Edinburgh-based Vebnet provides flexible benefits and online rewards schemes to 145 corporate clients. Group pensions are a massive business for Standard Life, accounting for a quarter of sales in the first half of the year. The company wants to develop an online product, called the Employee Wealth Plan, that will enable its customers to offer a menu of benefits to their employees, for instance, allowing younger employees to seek repayments to student loans instead of pension contributions.

Announcement Date: September 16, 2008
Deal Value: $43.4 Million

Wolters Kluwer Legal, Tax & Regulatory Europe acquires Addison Software

Wolters Kluwer Legal, Tax & Regulatory Europe is acquiring Addison Software and Service GmbH, a leading provider of software solutions for the German tax market, from HgCapital. With a well-established presence in over 18 countries, Wolters Kluwer Legal, Tax & Regulatory Europe offers a broad range of information, software, and services to law firms, accounting firms, corporations, and governments. This acquisition will strengthen Wolters Kluwer’s leading position in Germany as the professional information solutions provider for advisors in tax, accounting, and human resources.

Announcement Date: September 16, 2008
Deal Value: Undisclosed

Moody’s Corporation acquires Fermat International

Moody's Corporation has agreed to acquire Fermat International (Belgium), a provider of risk and performance management software to the global banking sector. The combination of Moody's credit portfolio management and economic capital tools with Fermat's expertise in risk management software positions Moody's to deliver comprehensive analytical solutions for financial institutions worldwide. With installations at more than 100 banks -- primarily in Europe, the Middle East and Asia -- Fermat significantly extends the functional and geographic scope of the Moody's Analytics suite of banking software. This acquisition provides a strong complement to Moody's Analytics and accelerates its goal of offering a comprehensive, end-to-end risk management solution to commercial banks and other financial institutions.

Announcement Date: September 15, 2008
Deal Value: $189 Million (Cash plus potential earnout of up to $36 million)

SKS Unternehmensberatung GmbH acquires ib-bank-systems GmbH

The German SKS Unternehmensberatung GmbH & Co has acquired the IT service provider ib-bank-systems GmbH & Co, owned by Investitionsbank Berlin and Investitionsbank des Landes Brandenburg (ILB). Ibbs has 56 employees, is headquartered in Potsdam and develops software for banking. SKS employs 80 professionals and focuses on the segments of core banking, credit process, risk management, implementation of software and IT services and, with this step, hopes to extend its range of products and assure a continuous growth rate.

Announcement Date: September 9, 2008
Deal Value: Undisclosed

Princeton Financial Systems acquires Aquin Components GmbH

Princeton Financial Systems LLC, a subsidiary of State Street Corporation and a provider of portfolio management and accounting solutions for global institutional investors, is acquiring Aquin Components GmbH, one of Europe's leading software vendors for international asset management and the fund industry, and market leader in investment compliance. The acquisition of Aquin, an established provider of middle and back office solutions with a strong presence in Europe, will allow Princeton Financial to significantly expand and accelerate its leadership and product offerings to the global marketplace.

Announcement Date: September 8, 2008
Deal Value: Undisclosed

Bosch acquires Innovations Softwaretechnologie GmbH

Bosch, the leading global supplier of technology and services, has acquired Innovations Softwaretechnologie GmbH, headquartered in Immenstaad am Bodensee, Germany. Innovations Softwaretechnologie develops software solutions for international clients from the finance and insurance sectors, as well as from others. With its software, commercial and technical processes can be mapped and transferred flexibly into software system. In fiscal 2007/2008, Innovations generated sales of 11.2 Million Euros, an increase of 20 percent as compared to the previous year. The company currently employs 120 associates and opened a subsidiary company in Chicago, Illinois, in 2007. Innovations is a technological forerunner in important fields. Together with its highly qualified and motivated associates, Bosch wants to expand the business.

Announcement Date: September 8, 2008
Deal Value: Undisclosed

BasWare Corporation acquires Contempus AS

Finnish financial solutions developer Basware Corporation is acquiring Contempus AS from Affecto. Contempus provides Purchase to Pay as well as Enterprise Content Management solutions. It was part of Component Software Group ASA which Affecto acquired in 2007. Basware, headquartered in Espoo, Finland, develops enterprise purchase-to-pay and financial management solutions. Contempus has over 17 years of experience in the development and implementation of electronic document management solutions and the operations are focused around its proprietary Contempus software products. The company has service organizations that distribute, implement and maintain the installations in Norway and Sweden. The acquisition strengthens Basware's position in the Enterprise Purchase to Pay markets in Norway, Sweden and the United Kingdom.

Announcement Date: September 5, 2008
Deal Value: $12.5 Million (Cash – plus potential earnout of $2.6 million)
Seller Revenue: $12.5 Million (2007)

Advent Software to acquire Tamale Software

Advent Software, Inc., a provider of software and services for the investment management industry, is acquiring Tamale Software, Inc., a leader in research management solutions. In recent years, the investment community has struggled to effectively manage and leverage across their organizations a massive influx of investment information (sell-side research, email, independently produced analysis, news, and internet content) in an increasingly complex compliance environment. Tamale Software solves this problem with Tamale RMS, the firm's innovative workflow software solution that creates a centralized information hub to easily manage and access research information, enhancing collaboration across the investment team and optimizing the investment decision-making process. Advent chose Tamale Software because, as the clear industry leader and a pioneer in the field of RMS, they bring unparalleled vision and a track record of success as Advent extends its footprint in the front office with this powerful, game-changing productivity tool for its clients' investment teams.

Announcement Date: September 5, 2008
Deal Value: $70 Million (Cash and stock)
Seller Revenue: $17 Million (Advent revenue estimate based on Tamale’s run rate)

United eSystems acquires Netcom Data Southern

United eSystems, Inc. has acquired Netcom Data Southern Corp., a company engaged in placing credit card merchant services through various banks. The companies view this as an effective means to enter into the world of electronic payment convergence, and by combining ND’s strength as a registered ISO/MSP with United’s electronic check processing capability, they have facilitated the ability to be competitive in the marketplace for both independent sales agents and merchants regardless of size and whether they are retail or Internet.

Announcement Date: August 28, 2008
Deal Value: Undisclosed

MegaPath acquires IP Merchant Solutions

MegaPath Inc., provider of managed IP data, voice and security services in North America, has acquired IP Merchant Solutions. Through this acquisition, MegaPath is adding the new PCI compliant Payment Processor Extranet service, providing Site-to-Site MPLS VPN retail, restaurant and hospitality customers with a cost effective solution for accessing leading credit card processors. This reduces customers' check and credit card processing fees, along with other operating costs related to supporting a legacy (dial or satellite) non-IP infrastructure. With MegaPath, retailers can connect to as many processors as their businesses require, and the company provides a discount for customers implementing multiple connections.

Announcement Date: August 12, 2008
Deal Value: Undisclosed

FolioDynamix acquires SunGard Advisory Technologies

Privately held FolioDynamix, a driver of innovation in unified managed accounts technology and services, acquired SunGard Advisory Technologies Inc., a provider of investment management programs and wealth management platform solutions to financial services organizations nationwide. Clients of FolioDynamix encompass top wealth management businesses including major brokerage firms, registered investment advisors, asset management firms and banks. FolioDynamix processes over 3.5 million accounts daily and supports in excess of 12,000 advisors who leverage the firm’s FDx platform to oversee a variety of fee-based programs. According to FD, adding SAT’s services set to the technically robust FDx platform creates a new paradigm in the managed accounts business and brings together the best visionary leaders and expertise in unified managed accounts.

Announcement Date: August 11, 2008
Deal Value: Undisclosed

Morningstar acquired Financial Computer Support

Morningstar Inc. has acquired Financial Computer Support Inc, a provider of practice management software solutions and services. Financial Computer Support products include the dbCAMS+, Ontra+, Vestige+ and dbLITE, which are offered to financial professionals. Morningstar said Financial Computer Support's flagship product, a software program called "dbCAMS+," will be rebranded and incorporated into Morningstar's existing Principia software product line geared toward financial advisers. Financial Computer Support's product is a portfolio management system enabling advisers to produce and track reports for clients, and manages clients' contact and billing information. The product has more than 8,000 licensed users. By bringing these two popular software applications together in a single product suite, advisors will have powerful options for integrating investment data and analytics with client performance reports.

Announcement Date: August 11, 2008
Deal Value: Undisclosed

Sapient acquires Derivatives Consulting Group

Sapient has acquired Derivatives Consulting Group Limited (UK), a provider of derivatives consulting and outsourcing services to investment banks, hedge funds, asset managers and commercial banking clients. DCG is a leader in partnering with the industry to provide derivative operations metrics and respond to the industry’s operational challenges. With this acquisition, Sapient will add a globally integrated service in derivatives processing to the market-leading capabilities of its Trading and Risk Management (TRM) practice, which has been a key driver in Sapient’s growth. The addition of DCG will dramatically increase Sapient’s ability to address derivatives operations issues and further strengthen its unique position in the marketplace. Sapient’s expanded TRM services will now include unique operations benchmarking, deep derivatives and process expertise, operations support, technology services and proven off-shore capabilities. These will help clients both manage the growth and complexity of derivatives transactions and eliminate the inefficiencies they currently experience in derivative operations. DCG will operate within Sapient’s TRM practice, which provides high-end business consulting, program management, technology delivery and process outsourcing solutions focused on the specialized needs of risk enterprises.

Announcement Date: August 7, 2008
Deal Value: Undisclosed

SunGard to acquire controlling interest in GL TRADE

SunGard is acquiring a majority stake (64.5%) in GL TRADE (France), a global financial software solutions company. GL TRADE delivers trading solutions that ensure its clients' success. GL TRADE is a global financial software solutions company, operating in over 50 countries and serving 1,600 clients. GL TRADE is a leading provider of multi-asset front to back solutions, connectivity and information services. SunGard believes that the transaction would contribute to SunGard and GL TRADE's global growth strategies and would benefit customers of both companies. The product fit is complementary and GL TRADE's strengths, particularly in trading solutions and market connectivity products in Europe and Asia, would complement SunGard's positions in North America in this space.

Announcement Date: August 1, 2008
Deal Value: $402.4 Million (Cash)

DealFlow Media acquires PrivateRaise.com

DealFlow Media, Inc. acquired the assets and business of PrivateRaise.com LLC, including the PrivateRaise.com website which tracks private placements of equity and equity-linked securities executed by public companies. PrivateRaise’s award-winning service simplifies monitoring, researching and analyzing private investments in public equities (PIPEs) and the entities associated with these transactions including investors, placement agents, and law firms. The transaction is DealFlow Media’s first major acquisition since being founded in 2003 and complements the company’s business of providing information and analysis on alternative investment structures. With this acquisition, DealFlow becomes an important player in providing database services and is positioned to offer premium services for other markets they serve in the areas of insurance, equities, debt, and real estate investment structures.

Announcement Date: July 29, 2008
Deal Value: Undisclosed

Wolters Kluwer acquires Compliance Online

Wolters Kluwer Financial Services has acquired Compliance Online (UK), an online compliance information provider focused on regulatory information, analysis, news and value-added commentary for the UK’s financial services market. Compliance Online provides UK customers with high-quality, explanatory regulatory information to help the customers understand how to conduct business under the Financial Services Authority (FSA) rules and guidance. Compliance Online’s suite of content solutions includes high-value summaries, commentary and interpretation of FSA regulations in the form of news analysis, daily articles, compliance calendars and more. Compliance Online’s UK analytical content complements the UK primary law materials on Wolters Kluwer Financial Services’ Compliance Resource Network, an online site that provides fast and convenient access to essential regulatory information, requirements and analysis.

Announcement Date: July 29, 2008
Deal Value: Undisclosed

Bluepoint Solutions acquires Avalon International, Inc.

Bluepoint Solutions, Inc., provider of Check21, remote deposit capture, electronic document management and multi-factor identification software technology for financial institutions, acquired Avalon International, Inc., a provider of .Net technology solutions for image payment and advanced item processing. This acquisition unites two industry innovators currently delivering feature-rich software technology solutions to financial institutions. Bluepoint’s clients asked for an end-to-end image-based Check 21 capture and item processing solution. With this acquisition, the combined solution offers the most comprehensive next-generation suite of image-enabled products to the industry.

Announcement Date: July 29, 2008
Deal Value: Undisclosed

Markit Group acquires JP Morgan FCS Corporation

Markit Group Limited, a financial information services company, has acquired JP Morgan FCS Corporation, a provider of portfolio and risk management software and services to syndicated loan market participants. The deal will reinforce Markit’s position in the global credit markets and allow the company to develop and deliver solutions that will improve operational efficiency and transparency in loan markets.

Announcement Date: July 28, 2008
Deal Value: Undisclosed

American Processing Co. acquires National Default Exchange

American Processing Company LLC, a provider of case management software, will acquire National Default Exchange, a leading provider of mortgage default processing services and licensor of specialized software for the mortgage banking industry. The deal will provide APC entry into three of the nation's largest states in terms of their projected growth in mortgage defaults.

Announcement Date: July 28, 2008
Deal Value: Undisclosed (Stock and debt)

Hellman & Friedman acquires SSP Holdings

Hellman & Friedman, the U.S. private equity firm founded in San Francisco in 1984, has acquired UK IT company SSP Holdings. SSP is a leading provider of IT systems and services to the general insurance sector in the UK and selected international markets. H&F is a leading global private equity group specializing in a variety of sectors, including software and information services, financial services, and media.

Announcement Date: July 23, 2008
Deal Value: $393.6 Million

ePayments acquires ACH Technologies

ePayments Corp., an electronic payments processing and support services company, has acquired ACH Technologies Inc. ePayments will assume control of and manage the company's check recovery accounts. The move also allows ePayments to offer additional services to the newly acquired accounts such as credit card processing and electronic check conversion. ACH Network volume continues on a strong growth path. More than 3.7 billion transactions worth more than $7.5 trillion were conducted during the first quarter of 2008, representing growth rates of 8.3 percent and 6.6 percent, respectively, over the same quarter of 2007. The new client base will be offered other payment solutions and will be introduced to HyperCustomer Service strategies. The ePayments Group Of Companies, including its Professional Services division and Educational Financial Services division, are committed to providing more efficient and less costly third party processing of re-presented check collection (RCK) utilizing the ACH Network and ePayments' iSmart check processing technologies.

Announcement Date: July 22, 2008
Deal Value: Undisclosed

iPipeline acquires COSS Development Corporation

iPipeline, provider of on-demand sales distribution software for insurers and financial services firms, has acquired COSS Development Corporation, a leading provider of mission-critical web-enabled illustration systems and fill-able forms technology. iPipeline and COSS have been business partners since 2004 and serve over 100 insurance carriers and 700 brokerage general agencies, banks and broker-dealers. The acquisition enables iPipeline to create an ecosystem for carriers, distributors and agents, allowing all to better serve their customers and increase sales in an expedited, streamlined manner. Specifically, brokers will be able to use a web-based system that allows them to present their clients with comparisons and illustrations for insurance products, access the most up to date forms and complete them online. This integrated offering enables all stakeholders to achieve straight through processing in one easy-to-use system.

Announcement Date: July 22, 2008
Deal Value: Undisclosed

Temenos Group to acquire Informer AE assets

Temenos Group AG (TG) of Switzerland agreed to acquire the core banking assets of Informer AE (Greece), an Athens-based developer of software solutions. Informer has been an authorized licenser and system integrator for Temenos in Greece, Eastern Europe, the Balkans and the Middle East since 1995. Through the acquisition, Temenos hopes to gain an expanded footprint in these markets and also into Romania and Egypt, where Informer already has an established presence. Across its regions, Informer Group says that it has a client base of approximately 15 institutions using T24/Globus.

Announcement Date: July 18, 2008
Deal Value: $40.2 Million (Cash and stock plus potential of $1.2 million in profit related earnout)

Bluff Point Associates acquires Blue Frog Solutions

Bluff Point Associates, a private equity firm, acquired a controlling interest in Blue Frog Solutions, an insurance software service company. Blue Frog has a leading technology platform that enables broker dealers and advisor networks to assure compliance and improve efficiencies. The company's focus on insurance and annuity products is very similar to what Matrix has done in providing an open architecture platform for the clearing of mutual funds. The investment by Bluff Point and the partnership with its affiliate companies will strengthen Blue Frog's market positioning.

Announcement Date: July 14, 2008
Deal Value: Undisclosed

Triple Point Technology acquires ROME Corporation

Triple Point Technology, global supplier of energy and commodity risk management and transaction processing software solutions, acquired ROME Corporation, provider of enterprise credit risk management solutions. The acquisition broadens and deepens Triple Point’s product portfolio, enabling it to uniquely offer enterprise risk management solutions covering the four key contributors of corporate financial exposure: market risk, governance and regulatory compliance risk, operational risk and counterparty credit risk. The recent volatility in the global credit markets – resulting in the need to place greater corporate oversight and emphasis on counter-party exposure management, liquidity obligations, margin cash management, regulatory compliance and risk analytics – highlights the criticality of implementing enterprise credit risk management best practices and solutions. Triple Point customers, and the energy/commodity markets at large, demanded the capability of managing all aspects of corporate financial exposure from their transaction and risk management solution provider. This customer pull was a key driver in Triple Point’s pursuit of the ROME acquisition.

Announcement Date: July 8, 2008
Deal Value: Undisclosed

Temenos to acquire Financial Objects

Switzerland's Temenos Group AG and British banking software group Financial Objects announced that they have reached a deal under which Temenos would acquire Financial Objects. Temenos believes that the acquisition would enhance its position as an international leading company in the banking software industry and that the enlarged group would be better placed to take advantage of this fast growing market.

Announcement Date: July 3, 2008
Deal Value: $53.6 Million

CRIF acquires Teres Solutions

CRIF, a leader in credit services, has acquired Teres Solutions, Inc. (Italy), one of the top three providers of direct and indirect lending software to credit unions and financial institutions. Teres Solutions will operate as a wholly-owned subsidiary of CRIF. CRIF develops decision-support models, consultancy and management solutions, software and worldwide business information systems to support the needs of finance, insurance, utility and service companies in every phase of customer relations. The company’s acquisition of Teres Solution will provide CRIF with the ability to offer the SAIL Direct and SAIL Indirect lending platforms to organizations in Europe and beyond. In addition, the deal will support the continued expansion of CRIF into the U.S. credit union and financial services markets.

Announcement Date: July 1, 2008
Deal Value: Undisclosed