Proha to Purchase Leading Central European Project Management Suppliers; Artemis Parent Company Strengthens Global Distribution System

Business Wire, Sept 5, 2000

Business/Technology Editors

BOULDER, Colo.--(BUSINESS WIRE)--Sept. 5, 2000

Artemis Management Systems' parent company - Proha PLC of Helsinki, Finland - has agreed to purchase all holdings of French Artemis International SARL and its parent company, Solutions International SA, as well as German Artemis International GmbH. The two Artemis affiliates are premier Central European project management suppliers, focused primarily on high-end solutions for the Information Technology (IT) industry.

The announcement follows one week after Proha's purchase of Boulder-based Artemis, a worldwide developer of advanced enterprise-class project and resource management software and service solutions across a broad range of industries.

According to Steven C. Yager, president and CEO of Artemis, "When completed, these latest Proha acquisitions will enhance our global distribution system, as well as strengthen our client relationships around the world." As a result of the purchases, Proha - already a major distributor of Artemis products for almost two decades - will become the market leader of project management software suppliers in France, Germany, Belgium, Austria, Switzerland and Luxembourg.

The combined revenue of the two companies being acquired is US $13 Million and the profit before taxes is US $0.5 Million. The companies currently employ approximately 150 staff in their Paris, Munich and Nuess offices.

The acquisition will be completed when Proha board of directors approves the purchases and conducts the exchange of shares.

Proha also announced that it is currently engaged in negotiations for a similar acquisition in Italy. The agreement, which company officials expect to be concluded by September 8, 2000, will further advance Proha's overall European network.

All purchased companies will continue as subsidiaries of Proha within its project management business area.

Background

Artemis provides software and professional services that help large and medium-sized enterprises to more effectively manage their projects and workforce resources with an integrated suite of products and services. The company's products - available in client/server and Web-based environments - improve coordination, communication and collaboration on projects, tasks and business goals for centralized or dispersed project teams. Artemis, headquartered in Boulder, Colorado, operates out of 40 offices in 27 countries, serving customers in a wide range of industries including banking and finance, pharmaceuticals, telecommunications, aerospace and defense, manufacturing, and engineering and construction. For more information, call 1.800.477.6648 or visit the Artemis Web site at www.artemispm.com.

Proha focuses its IT products on management in the Internet age, including project management, financial management and Internet technologies. The company was listed on the NM-list of the Helsinki Exchange in October 1999. After the listing, the company has grown very rapidly through acquisitions and organic growth in sync with its strategy. The pro forma net turnover of Proha including the companies to be purchased is approximately US $80 million. After the acquisition, Proha Group will employ over 560 staff in Finland, the United States, Great Britain, France, Germany and Japan. For more information, visit the Proha Web site at www.proha.fi.

Artemis is a registered trademark of Artemis Management Systems Inc. All other product or company names mentioned are the trademarks or registered trademarks of their respective owners.