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  Press Release

Mosaic Software appoints new Managing Director for Europe
and Middle East

Expansion plans on track for Electronic Funds Transfer
(EFT) software leader

London, U.K., 24 January 2002 – Mosaic Software, global
EFT solutions vendor sends a strong message to the
European electronic funds transfer (EFT) market with the
announcement today of the appointment of Nigel Bidmead as
its new Managing Director based in the UK.

Mosaic Software has recently undergone restructuring to
align the UK division with its global strategy to focus
on the EFT market including EMV, PrePay and web-enabled
ATMs. Hiring Nigel Bidmead is the latest part of this
strategy. Bidmead brings with him 17 years experience in
international sales and marketing of high value software
products and a variety of senior executive roles within
the payment systems arena.

Bidmead has previously worked for a number of payment
vendors in senior capacities such as ACI, Minacs
Worldwide and Flexicom International and most recently he
was Managing Director EMEA of QSI Payments. Bidmead will
have full responsibility for the future direction of
Mosaic Software in Europe and the Middle East including
sales and delivery.

Bidmead says: “I am delighted to join Mosaic Software at
this exciting time of transformation in the Payments
market. The industry is going through a significant
change from the legacy systems built over 20 years ago to
customers wanting to implement solutions faster, with a
modern day flexible technology, such as Java, at a lower
cost per transaction and this is exactly what Mosaic
Software can offer them.”

Mosaic Software has also recently moved its Chief
Financial Officer, Jan Kruger, from South Africa to the
UK and plans to move to larger offices in the near
future.

Mosaic Software is poised for significant growth with its
leading Postilion solution and through its strong partner
network, including Logica, NCR and Stratus. Expect more
announcements soon.

About Mosaic Software

Mosaic Software is a leading edge provider of electronic
funds transfer (EFT) software for consumer-generated
electronic transactions, and is the market leader for
web-enabled ATM and prepay software solutions. The
company is held by strategic partners GE Equity and
Comparex Holdings, and Mosaic Software management. With
offices in the UK, the US, South Africa and Australia,
Mosaic Software has a strong global presence.

The company is firmly established in the financial
services industry and its EFT solutions drive operations
in a large number of multinational companies and industry
leaders around the globe. Clients include financial
institutions, retailers, Internet service providers, card
issuers, telcos, data processing service providers and
some of the foremost players in the emerging online
industry.

Mosaic Software’s European clients include Retail
Decisions (ReD), Transaction Network Services, Royal Sun
Alliance, GE, and Ashburn UAB. International clients
include American Express and 7-Eleven.

For further information please see Mosaic Software



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