FINEOS appoints leading financier to Board of Directors

June 26, 2001 - Dublin - FINEOS, Ireland's leading global provider of enterprise solutions for banking and insurance, has just appointed international financier James McNaught-Davis as a non-executive director.

McNaught-Davis has 16 years experience in mergers, acquisitions, investments and other aspects of corporate finance. Until the beginning of this year, McNaught-Davis was a partner and managing director of Warburg Pincus, the leading international private equity and venture capital firm. At Warburg, he led the firm's technology investment activity in Europe and invested in several European-based financial services software companies.

Prior to joining Warburg, McNaught-Davis was a senior manager at Misys PLC, the banking, insurance and healthcare software business, for whom he acquired several banking software businesses in the US and Europe during the early 1990s. Prior to obtaining his MBA at Wharton Business School during the late 1980s, McNaught-Davis was an investment banker with Schroders and Merrill Lynch, where he advised clients on raising capital.

"James brings a vast wealth of principal investment and corporate finance experience to FINEOS. With his track record in the international financial services technology market, he will be a major asset for FINEOS as we grow our business to a global level," said Michael Kelly, CEO of FINEOS. "His history of making investments and acquisitions in our industry and advising his investee companies as a non-executive board director, together with his standing in the industry, will be tremendously helpful to FINEOS."

Commenting on his appointment, James McNaught-Davis said, "You rarely find a company that has reached the size of FINEOS, which is still achieving 100% growth per annum. I am delighted to join the FINEOS Board as a non-executive director. To date this company has enjoyed great success with its expansion plans and it stands out as one of Ireland's real success stories in what has become a difficult climate for many other technology companies. I hope to play a significant role in helping FINEOS to realise its business goals, and thus further its reputation as one of Europe's strongest financial services technology players."

This appointment comes on the back of a number of other high-level appointments that FINEOS has made in recent months as it caters for exponential growth of its operations.