CAMO announces merger for Outsourced Product Development with Proteans Software

August 10, 2007 - Oslo , Bangalore & New Jersey - CAMO ASA, a global statistical software and IT consulting firm headquartered in Oslo, Norway today announced merger with Proteans Software Solutions, a leading Outsourced Product Development (OPD) company based out of Bangalore, India.

The Board of Directors of CAMO ASA, a publicly listed company in Oslo (OSBEX: CAMO) has now approved the transaction. With this transaction, the IT services group of CAMO will be significantly reinforced with a larger business in the US and in the Europe and a strong offshore OPD business. The CAMO group consists of two separate operational divisions - CAMO Software develops and sells advanced multivariate statistical software worldwide whereas CAMO IT Services offers IT Consulting Services to companies in US, Europe and India . CAMO Group's revenues for 2007 will be in excess of 21 Mil USD.

Ashwani Jasti (President, CAMO IT Services) said “The merger strengthens CAMO's Product Development outsourcing capabilities, brings renewed focus in IT services and augments offshore presence . This investment is indicative of our commitment to provide higher value services to our clients and leveraging global capabilities in the rapidly growing IT services marketplace.” And CAMO Group will be pursuing aggressive growth both organically and through acquisitions in near future also.

While Proteans would become part of the CAMO Group after the merger, its founding members and key executives would continue to hold the positions.

"Proteans is an excellent strategic fit for CAMO because of the company's tremendous client success stories, technology and product development process expertise, and a great cultural fit" said Lars Österberg, CEO, CAMO ASA. "We will now be able to provide high quality, cost-effective outsourced engineering services in addition to our range of products, consulting and solutions”. The merger is expected to unlock the value of both the companies through exploitation of synergies in business. This strategic alliance will create tremendous value to shareholders.

Sudhakar Gorti, CEO of Proteans said, “ We are very excited to join the CAMO group as we see synergy on several accounts. CAMO brings in a great reputation in Scandinavian region and opens up a great market for our OPD services. CAMO's IT consulting business in US will compliment Proteans offshore OPD services which will enable us to crack multi-million dollars deals.” Proteans has been growing at 250% per annum and expected to be a 1000+ people company by 2010. Proteans has 225 employees operating out of 4 development centers in Bangalore. It has around 30 customers spread across US, UK and UAE.

"We are looking forward to leverage CAMO's customer base of 3000+ worldwide, leadership in multivariate data analysis and consulting presence in US to execute Proteans business objective of becoming top notch pure-play OPD vendor. This merger is definitely going to contribute to competitiveness and scalability of Proteans business globally. CAMO will infuse required working capital in Proteans to enable execution of its aggressive road map“, said Prashant Singh, COO, Proteans.

About Proteans

Proteans is an industry leader in Outsourced Product Development space catering to technology companies globally. Proteans has a strong experience in building customer centric product teams on Microsoft.NET and J2EE platforms for web applications, desktop applications, enterprise products and mobility solutions. Proteans utilizes best practices in global sourcing to deliver superior products for its customers. Proteans offers acceleration in the development velocity, compresses release timelines, brings rich design and coding expertise, and gives significant cost advantages. Proteans is a Microsoft Certified Gold Partner and ISO 9001:2000 certified company.

About CAMO

CAMO ASA, the CAMO group company (publicly listed in Norway OTC), consists of two separate operational divisions; CAMO Software develops and sells advanced multivariate statistical software worldwide whereas CAMO IT Services is offering IT Consulting Services to companies in US, Europe and India. CAMO ASA has its global headquarters in Oslo, Norway, with regional offices in Woodbridge, NJ US, and Bangalore, India. CAMO's stock is currently listed at the Norwegian OTC-list.