PLACID SA merged with Swallow Tech 

Braine l’Alleud, 26 October 2004

We are very pleased to announce that Swallow Tech, a UK provider of financial reconciliation technology, has merged its operations with Placid.

The merger combines two companies with over 40 years experience in the world of reconciliation and back-office automation, both well known in the International Banking world. Our respective products have been accredited by SWIFT for many years for conforming to the evolution of the SWIFT network, as well as addressing new market trends.

The combined operation now serves over 200 customers in more than 50 countries spread over 5 continents, and is supported by a number of local agents.

The merger gives us the financial strength to ensure that our products will be able to evolve to meet the challenges of the coming years.

The combined company will provide a greater range of choice for our customers, and will guarantee the long-term life of the PLACID-Carat product line. The outstanding features of both of our proven offerings will be combined into one product, which will be able to respond to a greater variety of market requirements.

The merger is an important step in our plans for growth, with further expansion to come. The merged company will continue to run its operations in the UK and Belgium and we have no plans to reduce staffing levels.

This announcement does not imply any change in our contractual relationship or obligations, and we thank you for your continued confidence in our company and products.

We would be happy to respond to any questions you might have, and we hope to have the pleasure of meeting you in the near future.