PolarLake Appoints John Randles As Chief Executive Officer Former CTO Banking at Siebel Systems to lead focus on growth in Financial Services and Government

Dublin, Ireland, 26th May 2006 – PolarLake, a world leader in the automation of business processes across organizational and technical boundaries, today announced the appointment of John Randles as CEO.

John joins PolarLake from Siebel Systems, where he was CTO Banking and responsible for the Retail Banking business across the Americas and EMEA. Prior to joining Siebel John was CTO of Eontec, a world leader in component-based banking systems, which was acquired by Siebel Systems in 2004. John also led Eontec’s business in North America and had previously led Product Development, Strategy, Product Marketing, and pre-Sales globally. John graduated from the University of Limerick with a degree in computer engineering.

"I am delighted to be joining PolarLake," commented Randles. "With a world-class product and a solid customer base, including some of the world’s largest names in Investment Banking and Government, the company is ideally positioned to enjoy significant growth. After speaking to many existing PolarLake customers, I am convinced that this technology will continue to deliver innovative solutions supporting the facilitation, management and control of business-to-business relationships. In this growing market PolarLake’s unique product offering will continue to deliver value to an increasing number of customers in the Financial Services and Government sectors."

"With his extensive experience in the delivery of customer-focused business solutions, John represented an ideal choice as CEO," said Philip Crawford, PolarLake chairman. "As a company we are ready to take a significant step forward. Our focus remains on the real-world business needs of our customers. John’s experience and expertise will help us address those needs, and enable our customers to create stronger, more profitable relationships with their own customers and partners."

ENDS

NOTES TO EDITORS

For further information, please contact:
Louise Andrews/ Tris Clark
Wildfire PR
T: +44 (0) 20 8339 4420
E: louisea@wildfirepr.co.uk/ trisc@wildfirepr.co.uk


About PolarLake
PolarLake, a leader in business process automation, provides a complete suite of products for implementing, supporting and managing business-to-business relationships within Financial Services and Government, including those based on Service-Oriented Architectures (SOA). PolarLake’s full-strength, productive solutions deliver truly code-free business integration, enabling solutions to be extended and re-used without extensive re-engineering.

PolarLake has a proven track record in delivering these benefits whilst leveraging existing IT investment in standards, skills and systems to reduce both initial investment and total cost of ownership. Deployed customers in Financial Services include JPMorgan Chase (NYSE: JPM), Pioneer Investments, part of the Unicredito Italiano Banking Group (Milan: UC), Man Financial (LSE: EMG), Nissay Dowa (Tokyo: 8759) and Bank of Ireland (Dublin: BIR). In Government customers include Criminal Justice IT and the Department of Constitutional Affairs in the UK. PolarLake solutions are provided by partners such as Accenture, EDS, and Sun Microsystems (Nasdaq: SUNW). PolarLake is headquartered in Dublin, Ireland, with offices in London, New York and Dublin.