Zanett, Inc. Acquires PS GoLive

NEW YORK--(BUSINESS WIRE)--Zanett, Inc. (NASDAQ: ZANE), a leading consulting firm specializing in business process outsourcing, IT enabled services, and information technology, today announced that it has acquired the assets of PS GoLive LLC, a Florida-based provider of upper-end services for Oracle’s PeopleSoft Enterprise products and business processes. Zanett originally announced its letter of intent to acquire PS GoLive on September 22, 2008. The terms of the acquisition are described in a Current Report on Form 8-K filed by the company with the SEC on December 2, 2008.

Claudio Guazzoni, CEO of Zanett stated, “PS GoLive furthers our commitment to develop world-class Oracle/PeopleSoft capabilities, and brings to Zanett strong customer relationships across the U.S. and team members that are well-respected in the marketplace and the Oracle ecosystem. Since PS GoLive’s inception in 2001, the company has expanded its support of the PeopleSoft Enterprise products as well as PeopleSoft Internet and Tools technologies including Service-Oriented-Architecture and web services. PS GoLive has a strong reputation with extensive expertise in PeopleSoft Financials, Supply Chain Management and Customer Relationship Management which is complemented by years of hands-on business experience across dozens of industries. Importantly, this acquisition expands Zanett’s scope of client services which we expect will soon include Oracle’s Demantra suite of services.”

He added, “PS GoLive’s management team is devoted to the practice of linking the business’ goals and objectives to each business/functional requirement considered in the scope of the software implementation. We believe that PeopleSoft will continue to dominate the market as a best-in-class ERP solution, and PS GoLive deepens our expertise in one of the core Oracle application platforms. The acquisition of PS GoLive enables us to expand our national practice expertise and better position us for growth. We continue to focus on providing our clients strong Oracle-centric technology with an exceptional ROI that will help them deliver profitable results."

Michael Johnson, President of PS GoLive said, "Our entire team is looking forward to becoming part of Zanett as it continues to enhance and expand its PeopleSoft practice. Zanett has done a terrific job of executing its strategy, and we believe that its business model has tremendous opportunity for growth. Becoming a part of Zanett will also significantly enhance the resources and expertise we can offer our customers, and we believe we are now well-positioned to become a dominant PeopleSoft applications partner in the southeast."

Dennis Harkins, Chief Financial Officer of Zanett, stated, “This acquisition provides us with another platform upon which we will be able to further improve our business. PS GoLive reflects our acquisition strategy which remains focused on businesses that will enable us to expand our geographical footprint as well as on those that will help us expand our Oracle practice. As we have mentioned previously, the current economic environment provides us with solid opportunities as valuations become more attractive, and we continue to seek acquisitions that will enhance our business.”

About Zanett, Inc.

Zanett is a leading business process outsourcing (BPO), IT enabled services (ITES), and information technology (IT) consulting firm serving Fortune 500 corporations and mid-market companies. The company provides BPO, ITES, IT and Management Consulting Services, as well as delivers custom business solutions that integrate and implement Oracle's full suite of product offerings - Oracle, JD Edwards, PeopleSoft, Seibel, together with associated Oracle Fusion technologies. A wide range of industry-focused delivery expertise is provided to clients, including Managed Services, Enterprise Applications, Business Intelligence, SOA, and Middleware Technologies. Zanett also provides full infrastructure and application hosting, utilizing local and international resources, remote and onsite DBA support, all on a 24x7 basis.

Zanett currently employs over 235 people nationwide, is headquartered in New York City, and operates out of 9 offices (Atlanta, Boston, Cincinnati, Indianapolis, Jacksonville, New York City, North Palm Beach and the Philippines). For more information, please visit http://www.zanett.com.

Certain statements in this news release regarding projected results of operations, or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as ``forward-looking statements'' within the meaning of the Securities Litigation Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors including, without limitation, Zanett’s ability to identify acquisition candidates, and successfully consummate acquisitions and integrate acquired businesses into its operations, that may cause Zanett, Inc.'s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Zanett currently is considering, but in reality may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors.

Circumstances do change, and if and when the landscape changes, Zanett shall endeavor to remain as flexible as possible, and adjust its strategy accordingly. Zanett, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The aforementioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect Zanett, Inc., see Zanett, Inc.'s filings with the Securities and Exchange Commission.

Neither Zanett, Inc. nor Zanett Oracle Solutions is a part of, a division of, nor a subsidiary of, nor in any other manner connected with Oracle Corporation, and no implication is made whatsoever to suggest as such.