Global Finance Invests in New Economy

With two international investments of US $35 million in companies belonging to the Software and Telecommunications industry respectively, Global Finance, the leading Venture Capital and Private Equity firm in Greece, continues its successful investment activity. These two investments, coming from the most recently raised fund Global Capital Investors II, with total capital of 200 million Euro, have been directed to Temenos Holdings NV and Zephyr Telecommunications Inc.

Temenos Holdings NV

Temenos, a company based in Geneva, is a global player in the business applications software market focusing in the banking and financial services. The company has developed and is now promoting the banking software Globus, which supports in an on-line, real time environment all banking applications. During the year 2000, Temenos intends to also distribute the e-banking version of Globus.

The company holds subsidiaries in 16 countries including four Research & Development centers in Switzerland, England, India and the US. Its commercial network covers 77 countries. Amongst its clients are included major banks such as Credit Suisse, American Express, Dresdner Bank, Credit Lyonnais, EFG Eurobank and Egnatia Bank.

According to the company's Income Statement for the last year (1999-00), sales of $69 million were achieved and earnings of $9 million. This year's results are expected to show a sharp rise in revenues, reaching $130 million, together with earnings exceeding $20 million.

Zephyr Telecommunications Inc.

Zephyr Telecommunications Inc, based in New Jersey USA, provides telecommunication services over an IP platform in the Central and Eastern Europe region. The company has developed an international fibre-optic network that supports the transmission of voice and data between the region and the U.S. Zephyr's customers are local telecom operators and corporations.

A strategic target of Zephyr is the Internet market which experiences rapid growth in Eastern Europe. Zephyr aims to achieve a significant position in high-speed Internet access services for ISP's and content providers by continuously achieving to be offering high quality at most competitive rates.

The company commenced operations in 1998 and is in a stage of rapid development. Revenues for the year 2000 are expected at $22 million and for the year 2001 are forecasted at $100 million. Zephyr also has plans to expand its operations to the markets of Greece as well as the Balkan region.

This new investment of Global Finance follows a series of successful investments in the area of IT with the most recent being the investments in Profile Systems and Information Dynamics. Global Finance, through its most recent fund GCI II, is highly active in the broader area of the new economy.

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