LockeBridge Executes Sale of Premier Oracle Consultancy

02 Mar

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03/02/2005

Whitbread Technology Partners (“Whitbread”), a Boston, Massachusetts based Oracle consulting firm announced the sale of the firm to Zanett, Inc., a New York based, NASDAQ listed information technology holding company.

According to Mr. Joel D’Arcy, former Whitbread President,

“I was pleasantly surprised at the volume of activity that Mr. Waxler, Managing Partner of LockeBridge, and his team produced. We received numerous bids from all over the world. Mr. Waxler was able to coordinate the process so that the offers were submitted within a relatively close time frame. As a result of the pre-sale consulting we received from the team and the exposure to global bidders, the offers significantly exceeded our original value expectation.”

The pre-sale consulting facilitated the identification of several growth areas that were perceived as highly valuable to potential buyers and resulted in premium pricing over the value of our historical performance. Early on, we received an offer that was in line with our expectations; however, Mr. Waxler suggested that we decline the offer and thought we could do better. Our attorney commented that it was the first time he ever heard of the intermediary recommending not to take an offer. We ended up receiving seven more offers from strategic buyers around the world and negotiating a price that was substantially higher than the original offer….“

Whitbread Technology Partners Joins the IT Commonwealth™

NEW YORK–(BUSINESS WIRE)–March 2, 2005– Zanett, Inc. – (NASDAQ: ZANE – News), today announced the acquisition of Whitbread Technology Partners (“Whitbread”), a Boston, Massachusetts based Oracle consulting firm. Whitbread is one of the strongest Oracle Partners in the New England region, and Zanett plans to use Whitbread to expand its national Oracle practice.

“Zanett’s business model is truly unique,” said Joel D’Arcy, founder of Whitbread. “The IT Commonwealth will provide Whitbread with the financial clout, leveraged marketing and back office efficiencies that we believe will propel it from a regional consultancy to one with national scope. Whitbread complements Zanett’s current businesses well and we are pleased to become members of this growing organization.”

David McCarthy, CEO of Zanett, noted, “The Whitbread acquisition is a further validation of our strategy. We continue to attract successful consultancies that increase the depth and breadth of the IT Commonwealth. Not only does Whitbread have a proven track record and outstanding reputation, but their Oracle practice strengthens the existing enterprise resource planning (“ERP”) capabilities of our IT Commonwealth member INRANGE Consulting.”

About Whitbread Technology Partners

Whitbread was founded in January 2000 to offer custom ERP/CRM solutions to customers using the Oracle E-Business Suite software applications. Joel D’Arcy, the company’s founder worked previously for Oracle as a Practice Director. Based outside Boston, Whitbread’s operations are focused in the New England region. Oracle has recognized the performance of Whitbread on both a regional and national level, awarding Whitbread its highest recognition as a Certified Advantage Partner. Whitbread’s key service areas include; project management, business and functional consulting, technical services, application support, and training.

About Zanett, Inc. (www.zanett.com)

Zanett, Inc. is an information technology (IT) holding company that provides specialized IT solutions through its operating subsidiaries. The Company has two business segments: Commercial Solutions and Government Solutions. The Commercial Solutions segment consists of its wholly owned subsidiaries: Back Bay Technologies, Inc., a technology consulting firm; INRANGE Consulting Corp., Inc., which provides technology consulting services related enterprise resource planning, supply chain management and customer relationship management (CRM) solutions, and Delta Communications Group, Inc., a voice and data communications network integrator. The Government Solutions segment consists of a wholly owned subsidiary, Paragon Dynamics, Inc., which provides advanced software and satellite engineering services.