UP2 Upwork Inc

Frankfurt Stock Exchange-listed update software AG (FWB:UP2), one of Europe�s leading providers of premium CRM solutions with its headquarters in Vienna (www.update.com), has taken over 100 percent of German CRM specialist ORGAPLAN Software GmbH (www.orgaplan.de). The deal was closed in Cologne on Thursday, April 26, 2007. The acquisition process was conducted with the involvement of aspect corporate advisors GmbH, an independent M&A advisory company seated in Bad Honnef. The purchase price in the amount of EUR 5.8 million will be paid on the basis of a 2-year earn-out model. With this takeover, update is continuing its strategy of sector focussing and is consistently expanding its technology and competence leadership in CRM systems for the financial services segment. �By merging ORGAPLAN with the currently existing competence center for financial services, update will have the largest customer base in the German banking market and, at the same time, the most comprehensive portfolio of tailored CRM solutions for the banking & finance sector,� explained update CEO Thomas Deutschmann. �The acquisition is a further step in our strategy of growth through sector focussing. At the same time, update is playing an active part in the consolidation process in the CRM market.� With approximately 200 customers, ORGAPLAN Software GmbH is the leading provider of CRM solutions in the German banking and savings bank sector. The company�s customers include more than half of the savings banks and public-sector credit institutions in Germany and a third of the big commercial and agricultural credit cooperatives. Besides its headquarters in Cologne, ORGAPLAN operates a branch in Hanover and has approx. 60 employees. Since Dr. Hans-Ulrich Krauss and Burkhard Demming founded the company in 1987, it has won itself an excellent reputation among Germany�s banks and savings banks through its advisory activity and its self-developed CRM software KBP (�Kunden-Betreuungs-Programm�). The two founders will remain in key positions at the company following the takeover. Given that the two solutions of update and ORGAPLAN cater to disjoint market segments and have been successfully established in the market for years, after the takeover update will pursue a two-product strategy for the financial services market � with life-time support for both products. About update software AG Founded in Vienna in 1988, update software AG (www.update.com) is Europe�s leading provider of premium CRM solutions, with currently more than 200 employees and annual revenues of EUR 23.4 million in 2006. update software AG is listed on the Frankfurt am Main Stock Exchange. update products are used by more than 120,000 employees at over 1,000 companies. References include 3M, American Express Bank und Finanzmanagement, the Advertisements Department of the BILD newspaper group, AstraZeneca, BAWAG P.S.K., Canon, DuPont, ESTAG, Hassia Gruppe, HVB, Landesbank Rheinland-Pfalz International S.A., LBS Nord, LBS Ost, MagnaSteyr, Pernod Ricard, Sony Deutschland, Sparkasse Bremen and ratiopharm. update software AG cooperates with carefully selected systems integration partners such as Atos Origin, Hewlett Packard, Sensix and Steria Mummert Consulting.