Minister Martin Opens New R&D Centre at QUMAS Headquarters in Cork

QUMAS to Invest €4.4m in R&D with Support from Enterprise Ireland

40 New High-Value Jobs to be Created

Mr. Micheál Martin, T.D., Minister for Enterprise, Trade and Employment today (Monday 6^th November 2006) officially opened QUMAS’s new Research and Development Centre at Cleve Business Park, Cork and announced a further major R&D investment of €4.4m by the company, with support from Enterprise Ireland. The investment will allow for the expansion of the R&D department and will lead to the creation of 40 new high-value jobs, 26 of which are dedicated R&D roles, over the next two years at the company’s Cork headquarters.

Making the Announcement the Minister said: “QUMAS is an Irish company with a leadership position in the global market for enterprise compliance solutions. QUMAS’s development of an R&D Centre, together with a €4.4m programme of R&D investment will enable the company to develop customer solutions that respond to changing market demands. I am delighted to also announce the creation of 40 new high-value jobs at QUMAS’s Cork headquarters, 26 of which are specific Research and Development roles. ”

“With support from Enterprise Ireland’s Scaling Division, QUMAS has the potential for further strong growth in international markets. QUMAS is an excellent example of an Irish company in a growth sector, with a competitive advantage that is deeply rooted in research, development and innovation” the Minister added.

Commenting at the announcement Mr. Paul Hands, CEO of QUMAS said:

“We aim to improve our market penetration in the US and Europe where we are targeting incremental sales in excess of €40m over the next five years. QUMAS has established a leadership position in governance, risk and compliance software for regulated sectors, based on product quality, technical expertise and customer focus, and this investment marks the next phase of growth for QUMAS.”

QUMAS provides enterprise governance, risk and compliance management solutions that address a range of regulatory directives for companies in the Life Sciences and Financial Services sectors.

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Notes to Editors

QUMAS Ltd Company Profile

Based in Cork, QUMAS is the only global compliance software company offering a complete solution to regulated industries. Recognised as the world leader in Enterprise, Governance, Risk and Compliance the company has over 250 customer deployments including global leaders such as Fidelity Investments. QUMAS exports 99% of its products and services to over 10 countries serving customers in the Life Sciences and Financial Services sectors.

For more information visit http://www.qumas.com.

Enterprise Ireland Scaling Division

Enterprise Ireland’s Scaling Division is dedicated to supporting high potential small and medium sized Irish enterprises (SMEs) to grow into large-scale companies. Scaled companies typically have a turnover of at least €20 million and are international, self-sufficient with steady growth and profitability.

For further information contact:

Press Office

Enterprise Ireland

Tel: +353 (0) 1 808 2000

E-mail: sarah.ocallaghan@enterprise-ireland.com

Web: www.enterprise-ireland.com

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