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12.08.2002 – 17:36

Novient, Inc.

Solution 6 Shareholders Approve Novient Inc Strategic Acquisition

Atlanta, USA and Sydney, Australia (ots)

Shareholders of
Solution 6 Holdings Ltd., (ASX:SOH) overwhelmingly approved the
group's acquisition of U.S.-based Novient Inc., at an Extraordinary
General Meeting.
The Novient acquisition comprises the issue of 34 million shares
in Solution 6, of which 2.4 million shares will be issued in 16
months, along with cash of $US150,000. In addition, Solution 6
shareholders approved the issue of Solution 6 shares to key Novient
employees in lieu of existing Novient bonus obligations.
Chief Executive of Solution 6 Holdings, Neil Gamble, said the
acquisition resulted in clear worldwide leadership for Solution 6 in
the market for specialist software solutions designed for
professional services organizations. These include consulting firms,
lawyers, accountants and IT services businesses.
He said the acquisition was consistent with Solution 6's strategic
focus on the professional services market, while strengthening the
group's product range and management capability in the U.S.
"Novient has a blue chip customer base in 48 countries, and our
combined customer list now spans the world's largest and most
prominent global service organizations, including Accenture, SAP,
Clifford Chance, Computer Sciences Corporation, Deloitte Consulting,
Ernst & Young, KPMG LLP, and Nortel Networks.
"But equally important is the increased capability we now have to
compete and grow in the U.S. - the world's largest professional
services market," Gamble said.
Gamble also told the meeting the group's professional software
services division would later this month report annual revenue of
more than $A150 million and meet its target EBITDA margin of 10
percent (before corporate allocations) for the full year.
"The division has continued to improve its cash generation such
that the group's operational cash reserves are above $40 million,"
Gamble said. "We expect further efficiencies and greater market
leverage as we move quickly to better integrate our product groups
worldwide."
Gamble also announced that the Chief Executive of Novient
Inc., R. Halsey Wise, had been appointed Chief Executive of
Solution 6's combined North American operations.
Wise said the combination of Solution 6 and Novient had been well
received by the market, and had already had a positive impact in
assisting Novient close new sales.
"Market analyst comment has been particularly favorable," Wise
said. "The latest analyst report by Aberdeen Group has highlighted
the complementary Novient and Solution 6 product sets, and the
potential for the combined company to dominate the market."
Aberdeen's report, Professional Services Automation:
Technology-Enabled Integration of People, Process and Capital Assets,
defines the Professional Services Automation market (PSA),
investigates factors driving the market, and analyzes overall market
trends and technology solutions.
In the report, David Hofferberth, research director of Aberdeen's
PSA practice says: "These companies (Novient and Solution 6) are
extremely complementary in their global scope, technology expertise,
and customer make-up... The new Solution 6 has the potential to truly
dominate the market across every metric."
About Novient
Novient is the pioneer of software solutions for the service
economy. Novient provides visibility into resources and projects to
allocate the right people to the right projects at the right time.
Through sophisticated optimization technology, Novient aligns skilled
workforces with strategic corporate objectives. With over 160,000
users in 48 countries, Novient's Service Process Optimization (SPO)
solution is used by the world's largest organizations to optimize
workforce performance. Customers include Accenture, Cingular,
Computer Sciences Corporation, DuPont, HP, Manugistics, Nortel
Networks, and SAP. For more information, please visit
www.novient.com.
About Solution 6
With over 5,500 customers, Solution 6 is the global leader in
specialist business software for medium-to-large professional
services organizations, including consulting firms, lawyers and
accountants. Leading Solution 6 product brands - including CMS,
Keystone, CABS and Viztopia - are integrated to provide the most
comprehensive end-to-end solution capability available for
professional services organizations worldwide. Solution 6 has over
1,100 employees in 11 countries and 20 offices, and operates through
three major regional centers - North America, UK & Europe, and Asia
Pacific. Solution 6 Holdings is listed on the Australian Stock
Exchange - ASX: SOH. For more information, please visit
www.solution6.com/home.asp.

Contact:

Sarah Molinari
Phone: +1/404-720-3600 x3896
mailto: smolinari@novient.com
Internet: http://www.novient.com

Tim Allerton
Phone: +1/61-2-9281-7272