Primavera Systems to Acquire Evolve Software; Combined Company Will Offer Industry's Most Complete Project Portfolio Management Solution

Business Wire, March 20, 2003

Business Editors/High-Tech Writers

PHILADELPHIA--(BUSINESS WIRE)--March 20, 2003

Primavera Systems, the leading provider of project management, execution and control software and services, has entered into a definitive agreement to acquire substantially all the assets, and the customer licenses and contracts, of Evolve Software (NASDAQ:EVLV), the leading provider of service delivery automation software. The combined private company will offer the most complete set of project portfolio management solutions for both project- and service-oriented organizations. The companies anticipate the transaction will close during the quarter ending June 30, 2003.

"This is a decisive move for Primavera that allows us to offer greater service and value to our customers," stated Joel M. Koppelman, CEO of Primavera. "This acquisition enables us to take a giant step into resource management and portfolio analysis, complementing our best-of-breed project, program and process management solutions. The move follows in the path of our 20-year history of listening to customer needs and responding with superior market-specific products and services."

Linda Zecher, CEO and president, Evolve Software, said: "In addition to the clear benefits of combining two highly complementary organizations, Primavera's customers will benefit from the best resource management capabilities available on the market today, as well as new business intelligence and IT portfolio management solutions that service organizations require. These strengths make Evolve an ideal fit for Primavera."

EDS Senior Vice President, CIO/CTO Terry Milholland commented, "EDS relies on Evolve to streamline our core service management business processes. I expect there will be tremendous benefits to customers as a result of the acquisition."

Under the terms of the agreement, Primavera will purchase the assets of Evolve. Terms are disclosed in the proxy statement.

The acquisition has been approved unanimously by the boards of directors of each company and is subject to customary closing conditions.

About Primavera

Founded in 1983, Primavera Systems, Inc. is the worldwide, leading provider of project portfolio management solutions. Primavera was positioned as one of the market leaders in both the Gartner Project/Resource Management Magic Quadrant report (dated July 24, 2002) and the META Group Project Portfolio Management METASpectrum report (dated February 28, 2003). Primavera's innovative solutions help more than 41,000 companies around the globe achieve business success through project success. Primavera products maximize return on investment by speeding time to market, establishing best practices, assessing risk and providing project visibility to all participants, from executives to team members. The company serves a broad range of industries, including aerospace and defense, automotive, chemical processing, construction, energy, engineering, financial services, manufacturing, pharmaceuticals, software development, technology, telecommunications and utilities. For more information, visit: http://www.primavera.com.

About Evolve

Evolve provides service delivery software that automates and integrates the core business processes required for delivering services. Corporate IT and professional service clients rely on Evolve's solutions to align IT investments to corporate objectives, control costs, increase customer satisfaction, drive revenues and maximize margins. Evolve's software helps companies manage IT portfolios, plan and manage projects, improve resource utilization, track and analyze budgets, collaborate and share information and best practices, increase operational efficiency and improve the productivity of their professionals. Evolve is headquartered in San Francisco, California. For more information, please visit www.evolve.com.

NOTE: Primavera and the Primavera sundial logo are registered trademarks of Primavera.

FORWARD LOOKING STATMENTS

Except for historical information contained herein, statements contained in this release may constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are neither promises nor guarantees, but involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those set forth in the forward-looking statements, including, without limitation, the risk that the merger may not be consummated in a timely manner, if at all, risks regarding future revenues and other risks concerning Primavera and Evolve.