Intersoft Australian Subsidiary Announced

Monday, 27 February 2006

Paul Thompson, CEO of Intersoft Systems Ltd is pleased to announce the incorporation of it's Australian subsidiary, finPOWER Australia Pty Ltd.

For some time Intersoft has looked at additional markets for its range of products. Within New Zealand, Intersoft's finPOWER system leads the market in the provision of software for the finance industry with over 350 finance companies using finPOWER to manage their operations. Existing clients range from multi million dollar ledgers with thousands of loans to small retail financing operations.

Intersoft examined a number of different expansion models but decided that a direct presence is the most effective way to proceed in Australia. finPOWER Australia Pty Ltd will act an as extension of Intersoft Systems Ltd, but still be perceived by the market as an Australian operation.

The CEO for finPOWER Australia Pty Ltd is Russell Olsen who was one of the original founders of Intersoft, way back in 1981. Olsen has established an office in the heart of the financial district of the Melbourne CBD and currently employs three staff.

Olsen has found that there is a ready market for finPOWER and that the trans Tasman markets, even though they come under a different regulatory environment, have very similar characteristics. Initial research shows that there is no software provider to the finance industry that has a dominant position. This is a position finPOWER Australia is looking to fulfill with aggressive growth plans, dedicated resources and a focus on delivering quality support.

Olsen says "early responses to the marketing activities undertaken have shown very positive results. We are finding that prospective clients are pleasantly surprised at the extensive range of features and facilities finPOWER provides, and demand for our software continues to grow at a very healthy rate. With such a strong reputation for functionality and flexibility, earned over more than 20 years, finPOWER is being viewed as an absolute "must have" for many progressive financial institutions."

The market for finPOWER in Australia is estimated at being six times larger than the New Zealand market, Intersoft expects the new subsidiaries' turnover to grow to over $1 million by mid 2007.

For more information:

finPOWER Australia Pty Ltd

+ 61 3 9909 7110

Intersoft Systems Ltd

+64 6 835 5237