AremisSoft Wins $9.2 Million Contract With Insyst; Company Expands Presence in Eastern Europe With Award By One of Bulgaria's Largest IT Services Providers.

NEW YORK--(BUSINESS WIRE)--Nov. 11, 1999--

AremisSoft Corporation (Nasdaq: AREM), a leading international supplier of software solutions for the manufacturing, hospitality, healthcare and construction industries, today announced the signing of a $9.2 million software customization, licensing and services agreement with Insyst Electronic Ltd. One of Bulgaria's largest suppliers of computer and communications technologies, Insyst handles a range of comprehensive IT solutions for large and mid-size customers in Bulgaria and nearby regions. In addition to licensing the Company's MTMS Enterprise 4.0 Internet-enabling solutions, Insyst has engaged AremisSoft to customize and rejuvenate its existing systems and applications, and to develop and implement e-commerce and web hosting services.

Under the terms of the contract, Insyst will employ AremisSoft's Indian Software Development Center for software customization and rejuvenation, and will utilize the Company's on-site installation, testing and training services. In addition, AremisSoft will provide Insyst with Internet related services totaling approximately $3 million of the contract value. Completion of the project, which will consist of database and architectural design, customization of existing systems, product applications training and testing, is scheduled for April 2001.

"Rapid geographic expansion and increased market penetration are fundamental strategies for AremisSoft's continued success," said Roys Poyiadjis, President. "Insyst's strong visibility in Eastern European markets, a prime target for our marketing and sales efforts, will complement our growth objectives just as AremisSoft applications complement Insyst's IT platforms. In partnering with Insyst, our first major Bulgarian customer, we have the potential for additional project work as well as opportunities for future co-marketing initiatives or alliances."

AremisSoft develops, markets, implements and supports enterprise-wide applications software targeted at mid-sized organizations in the manufacturing, healthcare, hospitality and construction industries. The Company's software products help streamline and enhance an organization's ability to manage and execute mission-critical functions such as accounting, purchasing, manufacturing, customer service and sales and marketing. AremisSoft reported total revenue of $50.1 million for the nine months ended September 30, 1999 and net income of $6.6 million for the same period. AremisSoft has a total of 470 employees, with sales in 10 countries and a customer base in excess of 5,000. The Company also operates a software development and support facility in India, with 120 employees, which provides significant organizational efficiencies and cost advantages in software development and support.

Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, included in the foregoing press release regarding the Company's financial position, business strategy, and plans of management for future operations are "forward looking statements." These statements are based on management's beliefs and assumptions, and on information currently available to management. Forward looking statements include, but are not limited to, statements in which words such as "expect," "anticipate," "intend," "plan," "believe," "estimate," "consider," or similar expressions are used. Forward looking statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions, including the risks discussed under "Risk Factors" in the Company's prospectus included in its registration statement on Form S-1, SEC File No. 333-58351, all of which are incorporated herein by reference. The Company's actual results may differ materially from those anticipated or expressed in these forward-looking statements. Many of the factors that will determine these results and values are beyond the Company's ability to control or predict. Readers of this press release are cautioned not to put undue reliance on any forward looking statement. The Company undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.