Movaris Bolsters Executive Team with Two New Vice President Appointments; Joe Nicholson Joins as Vice President of Marketing, Chris Abate Appointed to Vice President of Business Development

Business Wire, Sept 20, 2006

SAN JOSE, Calif. -- Movaris, the software company that automates and unifies account reconciliations, SOX compliance, financial close and financial reporting processes, today announced that Joe Nicholson has joined the company as vice president of marketing and Chris Abate has been promoted to vice president of business development. Mr. Nicholson joins with more than 25 years of technology and marketing management experience spanning all phases of the software business, and will lead the company's marketing initiatives, continuing to build on the tremendous momentum begun last year with the launch of Movaris OneClose. Mr. Abate has developed a strong partnership program for Movaris and will continue to drive new strategic partner and business relationships to assist Movaris in delivering solutions to its rapidly growing customer base. These additions significantly bolster the executive team and underscore Movaris' leadership position in the market.

Prior to joining Movaris, Nicholson served as vice president of marketing and business development at DecisionPoint before its acquisition by Teradata last year. He also served as vice president of platform marketing at Informatica, driving its expansion from providing tools to delivering data integration solutions. Before Informatica, Nicholson was vice president of marketing at both Merant and Borland and co-founded the GIS Market Group at Autodesk, building and launching three successful product lines.

For the past year and a half, Abate has built the partnering and business development organization at Movaris, creating strategic relationships to help the company grow its sales and product capabilities. Before joining Movaris, Chris led the sales and business development teams for two successful start-ups before their respective acquisitions. Previously, Chris was at Ariba and created its Alliances and Business Development team, successfully implementing a partnership with IBM. Prior to Ariba, Chris played senior roles in product management and product marketing at Toshiba and Quantum Corporation.

"Joe and Chris bring a wealth of knowledge and expertise to our team and will play a crucial role in expanding our leadership position in software products that automate the 'last mile' of finance," said Eric Keller, Movaris CEO. "We're delighted to have them at Movaris. Joe's extensive experience in building world-class software marketing programs will be hugely valuable at this stage of our growth while Chris' proven expertise will significantly impact Movaris' relationships within the industry."

About Movaris

Movaris helps finance organizations transform their 'last mile' -- the series of manual tasks performed during account reconciliations, SOX compliance, and financial close -- into a repeatable and efficient process. Movaris OneClose is the industry's only application suite that automates and unifies these processes with a company's financial statements, creating a new, auditable, transparent system of record. Movaris OneClose customers realize: more analysis time by automating routine workflows, reduced audit fees from auto-generated evidence binders and increased accuracy of financial reports by reconciling, unifying, and standardizing processes throughout a company's global finance organization. Movaris is headquartered in San Jose, California, with offices in Atlanta, Boston, Chicago, Los Angeles and New York. For more information, please visit www.movaris.com or call 888-800-7545.

Movaris is a registered trademark of Movaris Inc. All other company and product names are trademarks or registered trademarks of their respective holders.