WAIKATO INTERNET FIRM CREATES HUB OF WORLD CLASS TECHNOLOGY

Aggressive trail of acquisitions is turning NetValue into an internationally-capable technology powerhouse.

HAMILTON, New Zealand - August 1, 2007 - NetValue Ltd, a specialist hosting and web software company based at the Waikato Innovation Park, announced that it has continued its acquisition trail by purchasing ReelTwo, a world leader in data and text mining and machine learning systems.

The purpose of the acquisition was to add specialist technical skills to enable the company to bid for large scale software developments and to access the patented intellectual property portfolio that ReelTwo has developed around data search technology.

"ReelTwo's technical skill and knowledge base is highly complimentary to our existing capabilities", said NetValue CEO, Graham Gaylard. "We believe that we have a great opportunity to break into the highly competitive international software systems market by bringing Silicon Valley capability to the Waikato Valley", he added.

The acquisition brings the number of permanent staff to 35, with additional recruitment expected to increase this to over 50 by the end of 2007. This recruitment drive is essential to continue NetValue's track record of doubling revenues each year since inception.

"With the combined skills, the company can now confidently offer a wide range of product-based research, software design and development, implementation and ongoing support and maintenance services, all under one umbrella", said Stuart Inglis, Chief Technical Officer.

The company is confident of its ability to become a major force in the international software development market, and hopes to follow in the steps of other Kiwi software success stories with a Stock Exchange listing and IPO within the next 2 years.

"As one of the larger tenants in the Waikato Innovation Park, NetValue is an example of how successful local companies can collaborate to develop world-class capability", said Derek Fairweather, CEO Innovation Waikato. "NetValue's success is testament to the vast pool of talent available in the Waikato Region, and embodies the vision we had in establishing the Park", he added.

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