GTCR Announces Acquisition of Cellnet

Business Wire, July 26, 2004

CHICAGO -- GTCR Golder Rauner, LLC, one of the nation's leading private equity firms, today announced that it has teamed with Mike Zito and other members of management to acquire Cellnet, the Automated Meter Reading (AMR) and Distribution Automation (DA) business of IT services firm Atos Origin, for an undisclosed price. The business will operate as an independent entity led by existing management, and will continue to market itself under the Cellnet brand. Kirkland & Ellis, LLP advised GTCR on the transaction.

Cellnet is the leading provider of fixed wireless AMR solutions to the utility industry. The company provides the data services and builds the AMR networks for electric, water, and gas utilities of all sizes. Cellnet serves its utility customers through long-term meter reading managed service contracts currently valued at over $2 billion. Cellnet's wireless networks read nearly 10 million utility meters daily for customers in eleven major metropolitan areas across the United States including Philadelphia, Seattle, Minneapolis, St. Louis, Kansas City, Milwaukee, Indianapolis, Pittsburgh, New Haven, Austin, and Jacksonville.

"We are very excited to have GTCR as our partner," said Mike Zito, president and chief executive officer of Cellnet. "Their strong track record of successfully building IT services and network companies, coupled with our ability to focus exclusively on real-time utility automation solutions as an independent company, will allow us to better serve our customers and employees."

In addition to fixed AMR networks, Cellnet also specializes in distribution automation solutions. Cellnet utilizes its Utilinet technology, a wireless "mesh network" of programmable intelligent radios that provide utilities with the most reliable way to remotely communicate with end devices located throughout their existing field infrastructures. Over 50,000 Utilinet radios are currently deployed across over 100 utilities, with strong prospects for additional growth.

"Real-time AMR provides superior value to utilities and Cellnet is well positioned to benefit as an ever increasing number of utilities are recognizing the need for real-time data to improve operational efficiencies, increase customer satisfaction, and reduce energy management risks," said Philip Canfield, senior principal of GTCR.

"The management team at Cellnet has done an outstanding job of turning this company around and we are excited to partner with them to take advantage of the many strong growth opportunities in the utility industry as well as emerging uses of fixed-network radio frequency technology. Our investment in Cellnet is a clear example of GTCR's strategy of backing exceptional executives to build dominant companies over time through acquisitions and strong internal growth," added Craig Bondy, vice president of GTCR.

"The sale of Cellnet is consistent with our strategy to focus on our core IT services business of managed operations, systems integration, and consulting in the vertical and geographic markets in which we have expertise and strength," said Paul Stewart, EVP and CEO of Atos Origin Americas.

About GTCR Golder Rauner, LLC

Founded in 1980, GTCR Golder Rauner, LLC is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $6 billion of equity capital invested in a wide range of companies and industries. More information about GTCR can be found at www.gtcr.com.

About Atos Origin

Atos Origin is an international information technology (IT) services company. Its business is turning client vision into results through the application of consulting, systems integration, and managed operations. The company generates annual revenues of more than EUR 5 billion and employs 47,000 people in 50 countries. Atos Origin is the Worldwide Information Technology Partner for the Olympic Games with a roster of blue chip clients that include ABN AMRO, Akzo Nobel, Alstom, BNP Paribas, British Petroleum, Ericsson, EDF, Euronext, Fiat, France Telecom, ICI, ING, KPN, Lucent, Philips, Renault, Royal Bank of Scotland, Saudi Aramco, Schlumberger, Shell, Telecom Italia, UBS, UK Department of Work and Pensions, Unilever, Vivendi Universal, and Vodafone.

Atos Origin is quoted on the Paris Euronext Premier Marche and trades as Atos Origin, AtosEuronext, Atos Worldwide, Atos KPMG Consulting, and Atos Odyssee.