MSC changing its name to FINEOS

New name symbolises new era for the company in the global technology community

December 14, 2000 - Dublin - Managed Solutions Corporation (MSC), Ireland's leading global provider of CRM and product management solutions for the banking and insurance sector, has announced it will be changing its name to FINEOS (pronounced: FIN - EOS) in early 2001. The name change was revealed to employees last Friday at a company conference in the Davenport Hotel.

Michael Kelly, CEO of MSC said: "MSC is moving to the front rank of Irish technology companies, and we felt a name change was appropriate to reflect the new identity and vision of the company. We've grown tremendously as an organisation since we were founded and our expansion is now set to enter a new phase. We want to mark that change with a brand that positions us as a market leader within financial services."

MSC has grown from a Dublin-based start-up with a handful of staff in 1993 to a company with offices across Europe and North America, a global customer base, and 250 staff. In 1999, MSC had a turnover of IR£5.1 million and this year revenue will grow by over 100 percent. Almost unique to the technology sector, the business has been profitable since its inception.

Kelly added: "President Clinton in his visit to Ireland this week reminded us how far Irish technology companies have come, becoming the world's leading software exporters in just a few short years. For Ireland to continue to lead the world in this area, Irish technology companies must adopt a new standard - to profitably produce real, tangible value for customers. We are a leader in setting this example."

In selecting FINEOS as its new brand, MSC underwent extensive research with its customers in banking and insurance, as well as with employees and opinion leaders in the sector. The new brand is the result of an exhaustive process of defining the company's vision and values.

"Good brands are a competitive advantage in today's economy. MSC has a unique product in the marketplace and the new brand will certainly help reinforce this and differentiate our industry experience and expertise," said Peter McCormick, Director of Marketing for MSC.

The name FINEOS derives from the combination of a number of interesting word properties that represent the company's vision. NEO, as a prefix, means "new form of"; EOS, in both Latin and Greek, means "dawn"; and FIN signifies the company's leadership in the financial services industry.

Peter McCormick added: "Quite literally, FINEOS is intended to represent the dawn of a new era in the financial services industry."

MSC will execute a public rollout of the new FINEOS identity in Dublin on 12th February 2001 in the form of a gala conference involving customers from around the world. This conference will be followed up with subsequent events in their regional markets.

Introducing FINEOS as a new brand follows several successful milestones for the company, which has secured multi-million pound contracts with leading banks and insurers in Ireland, the UK and Europe.

The company, backed by strategic investors such as Enterprise Ireland and Royal Nederland Leven, is in the process of securing first-round funding that will help drive its growth across Europe, the US and Asia.