Westchester Advises Quadrant Risk Management in Acquisition of Ecensity

LONDON - November 13, 2006

Westchester Associates Limited (www.westchester.co.uk) today announced that it assisted Quadrant Risk Management (International) Limited ("Quadrant") www.qrmi.co.uk in the acquisition of Ecensity Corporation ("Ecensity"), a specialist in Service Orientated Architectures (SOA) and Presentation Dashboards valuing the combined entity at US$19 million.

Quadrant has acquired venture capital backed Ecensity to integrate its Service Oriented Architectures ("SOA") and Presentation Dashboard technology with Quadrant's B2 Risk and Compliance Suite to provide a comprehensive compliance solutions for Financial Institutions worldwide.

Quadrant was formed in the UK in 1991 as a specialist consultancy by risk management professionals who had previously operated at the board level in financial institutions. In 2001, Quadrant diversified by developing its domain expertise into B2, their risk and compliance suite, in response to the Basel II Capital Accord.

Commenting on the services provided by Westchester, Paul Lockyear, founder of Quadrant and COO, said, "we engaged Westchester to assist us in evaluating the various alternatives available to meet our strategic objectives. They were very responsive in the process and efficiently worked with us in evaluating the various options, resulting in our selecting what we believe to be our best option - acquiring Ecensity." He went on to state, "Westchester's market knowledge combined with their strong negotiating skills were key in ensuring that not only was Ecensity the most appropriate option for us but that the best possible transaction terms were negotiated and completed. We are very pleased to have them as our advisors and would unreservedly recommend them to others."

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