Cézanne Software and HRM Software sign definitive agreement to merge.

BARI, Italy. LONDON, UK — February 20, 2006 — Cézanne Software S.p.A. and HRM Software Ltd. today jointly announced they have signed a definitive agreement to merge, approved by the boards of directors of both companies.

The merger brings together two of Europe’s leading suppliers of Human Capital Management software and will create a company of more than 500 large and mid-sized customers in over 20 countries, together with a network of partners across Europe, US, Latin America, Australia and part of Asia.

“With HCM solutions, customers are calling for local knowledge and global support” said Alberto Gabbai, Chairman and founder of Cézanne Software. “By combining our expertise and leadership in Southern Europe and Latin America with that of HRM Software’s in Northern Europe, US and Australia, we are uniquely positioned to address this need.”

The combined company will continue to focus on increasing employee motivation and performance through collaborative e-HR applications.

Nick Bolton, Managing Director and founder of HRM Software, said. “We are a similar size to Cezanne and share a common mission, common values and common technology. By combining HRM Software’s leadership in succession and talent management with Cézanne’s excellence in e-HR and compensation planning, we will increase our ability to deliver and support effective solutions.”

The transaction will be based on a share exchange, and the details will be finalized during the next few weeks as both companies take the required steps to complete the merger.


About Cézanne Software

Cézanne Software help organizations increase employee performance with collaborative solutions for human capital management.

Founded in 2000, Cézanne Software has offices in Italy, France, Spain, Portugal, UK, US and Venezuela, and over 300 company clients worldwide. Clients include Carrefour, Luxottica, Fiat, Banca Intesa, Illy, Gucci, Ferrari, Ibercaja, Banesco.

The company has affiliates and an active network of distributors in Europe and Latin America, and Cézanne Software’s products are integrated in the solutions of two leading European HR providers: Byte Software House and Cegedim SRH.

For more information, visit the company's Web site at www.cezannesw.com


About HRM Software

Established in 1986, HRM Software pioneered software systems to support succession planning and leadership development within large organisations. Today, the company offers web native solutions for human capital management, HR administration, organisation charting and pay review.

HRM has implemented solutions for many leading organisations across a wide range of business sectors. Clients include BT, Philips International, Heineken, Standard Chartered Bank, Vodafone, Co-operative Financial Services, ING Group, Rio Tinto and InterContinental Hotels Group.

The company also has an established network of distributors worldwide including the US, Australia, Germany, Greece, Mexico and Italy. HRM’s organisation charting tool, HRCharter, is integrated in HR information systems developed by Vizual, Intellect, Northgate (Rebus), Schlumberger Sema, and Authoria.
For more information, visit the company's Web site at www.hrmsoftware.com

Press contacts:

Sue Lingard
HRM Software
slingard@hrmsoftware.com
Tel.+44 (0)20 7202 9300
Fax +44 (0)20 7202 9321

Angelica Coviello
Cézanne Software
angelica.coviello@cezannesw.com
Tel. + 39 080 5498411
Fax + 39 080 5498430