STAFFORD, Texas, Aug. 30, 2004 (PRIMEZONE) -- Systems Evolution Inc. (OTCBB:SEVI), an information technology services company, announced today that it has entered into a definitive agreement to acquire Duration Software, Inc., an Austin-based business and technology consulting firm. The closing within the agreement is expected to take place in 30 days.
"Joining Systems Evolution increases our ability to deliver to our valued customers and extends our reach into the Houston, Dallas, and San Antonio markets," states Chris Montgomery, Duration's CEO. "We believe that Systems Evolution's management capital positions us to secure greater opportunities and provides avenues for accelerated growth beyond our current $3.5M technology practice. We are excited about the prospects."
According to Systems Evolution President, Richard Hartmann, "Duration adds the critical business processes and development methodologies needed for SEVI to continue to grow as a world-class technology outsourcing company. Their expertise and track record for delivering projects on time and on budget has afforded them the luxury of repeat business in the public, private, and healthcare sectors."
"Mr. Montgomery will continue to lead the very successful business and technology team as Vice President. We are excited to welcome them aboard," said Robert C. Rhodes, CEO of Systems Evolution Inc.
About Systems Evolution Inc.
Systems Evolution Inc. (OTCBB:SEVI), http://www.systemsevolution.com, founded in 1993, is an information technology services company focused on delivering outstanding value in the IT outsourcing and consultancy industry. The Company has been successful over the last decade adapting and implementing new technologies as they emerge, with a commitment to long-term customer and partner relationships. SEI focuses on providing value to its clients by helping them maintain, integrate, and extend their legacy systems, and plan for the future with strategic business technology, infrastructure, and application development.
About Duration Software, Inc.
Founded in 1997, Duration Software's mission is to partner with our clients to deliver superior, data-driven solutions. We are dedicated to providing leading-edge solutions of the highest quality to business and public sector organizations. Our hallmarks are accurate, flexible, user-friendly applications that help streamline the business of our clients and increase the efficiency of end users. Duration development teams are certified in leading-technology development and delivery platforms, and our executive team brings a unique mix of experience in the high-tech and political arenas to bear on the unique challenges that face our clients.
Safe Harbor Statement
The statements in this release relating to future product availability and positive direction are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Some or all of the aspects anticipated by these forward-looking statements may not, in fact, occur. Factors that could cause or contribute to such differences include, but are not limited to, contractual difficulties, the future market price of SEVI common stock and the Company's ability to obtain necessary future financing.