Investment Thesis

• Create a category leading division by enhancing existing fledging business unit through a series of strategic acquisitions and joint ventures while optimizing internal business processes

 Program

• Signed a joint venture agreement with a privately-held company based in London

• Acquired a publicly traded company for approximately $100 million

• Divested the system integration business for more than $20 million

• Completed several technology acquisitions in order to gain a sustainable competitive advantage

 Results

• In 2004, the division was sold to the joint venture partner for approximately $180 million to unlock shareholder value

• At the time of sale, the division was the industry leader with over $250 million in annual sales, more than 250 clients, and 3,000 employees