Deloitte & Touche Technology Fast 50 Program Recognizes QUMAS as Ireland's 12th Fastest Growing Technology Company

For Immediate Release

FLORHAM PARK, N.J. & CORK, Ireland--(BUSINESS WIRE) via NewsEdge Corporation

Jan. 29, 2001-- QUMAS Fuels Growth by Offering Out-of-the-Box Regulatory Compliance

Software to Life Sciences Industry

QUMAS Ltd., the leading provider of Enterprise Compliance Management solutions for regulated industries, today announced that the company has been recognized as Ireland's twelfth fastest growing technology company by being named to the Deloitte & Touche Technology Fast 50 Program.

From its locations in Cork, Ireland, the United States and Belgium, QUMAS provides industry-proven, out-of-the-box Enterprise Compliance Management solutions to many of the world's largest pharmaceutical, medical device, and biotech companies. The Deloitte & Touche Program ranks companies based in the Republic of Ireland and Northern Ireland by percentage growth in sales during the three-year period from 1997 to 1999. The awards were offered in association with ACT Venture Capital, Techmark, Business Plus and Ulster Business.

The Fast 50 Program tracks the growth rates of technology companies in seven regions in the UK and Ireland, culminating in a national ranking in May 2001. This year, the Irish part of the Program is co-sponsored by Techmark, the London Stock Exchange market for technology companies and ACT Venture Capital.

The Technology Fast 50 Program seeks out those companies, which have shown impressive growth rates in the telecommunications, hardware, software and biotechnology markets. In this year's Ireland final, the lowest growth rate from 1997 to 1999 is identified at an impressive 63% with the highest at 891%. QUMAS was ranked twelfth, with a growth rate of 332.80%.

The all-Ireland final was held in O'Reilly Hall, University College Dublin on January 24. Accepting the award for QUMAS were CEO Paul Hands and Finance Director David Grimes. Mr. Hands said, "This is indeed an honor for QUMAS to be recognized by Deloitte & Touche as one of Ireland's noteworthy technology companies.

Our rapid growth demonstrates the fact that our out-of-the-box Enterprise Compliance Management solutions for regulated industries meet a critical need for the world's pharmaceutical, medical device, and biotech manufacturers." Mr. Grimes noted, "This award recognizes companies for their three-year performance for 1997 through 1999. Actually, we have experienced record-breaking growth in the past year as well. Based on the interest that we have seen so far this year from the regulated industry, we project that growth pattern to continue."

About the Deloitte & Touche Fast 50 Program

The Deloitte & Touche Fast 50 Program was started in San Jose, the centre of Silicon Valley, California in 1995 and has expanded to over 20 major cities worldwide. It quickly became the growth benchmark of success in the USA, and has now taken hold in Europe.

About Deloitte & Touche

Deloitte & Touche is one of the world's leading professional services firms, delivering world-class assurance and advisory, tax and consulting services through its national practices. Over 92,000 people in more than 130 countries serve approximately one-fifth of the world’s largest companies as well as large national enterprises, public institutions and successful, fast-growing companies. Deloitte & Touche recently announced global revenues of US $11.2 billion for the year ending 31 May 2000.

About ACT Venture Capital

ACT Venture Capital is Ireland's leading independent venture capital management company, managing institutional private equity funds in excess of <128>200m. ACT's investment funds are provided by all of Ireland’s major institutional fund managers and leading European and UK Fund Managers. ACT is a very active investor in emerging software, Internet infrastructure, communications and IT companies in Ireland (North and South) and in the UK.

About Techmark

Techmark is the London Stock Exchange's market for innovative technology companies. Designed to meet the unique requirements of technology companies from those already listed on London's market to those thinking about floatation. It brings together companies ranging from the FTSE 100 index to the FTSE Fledgling index that share a commitment to technological innovation.

About QUMAS

QUMAS, Ltd. is the leading developer of Enterprise Compliance Management Solutions designed to help regulated industries ensure regulatory compliance. For over a decade, QUMAS has been providing industry-proven Enterprise Compliance Management solutions to market leaders in the pharmaceutical, medical device, biotechnology, and contract research industry sectors.

Using advanced technology and regulatory domain intelligence, QUMAS’ pre-packaged compliance management solutions automate critical document processes and dramatically reduce document cycle times. QUMAS solutions deploy rapidly to deliver FDA (including 21 CFR Part 11 (electronic signature and records), EMEA and ISO-related best practices for the automation of controlled documentation and electronic regulatory submissions.

QUMAS services include validation, user training, migration services and technical support as part of a total software and services offering. QUMAS, Ltd. is based in Cork, Ireland with US headquarters in Florham Park, NJ, with additional offices throughout the United States. For more information, please visit our Web site www.qumas.com or contact QUMAS at +353 21 4320050 (Europe) or (973) 377-8750 (North America).