Boston Corporate Finance Names Ultimus as Leader in BPM Market.

CARY, N.C. -- Independent Analysis Validates Ultimus as a Leader in One of the Most Rapidly Expanding Segments of the Enterprise Software Industry

Ultimus, the leading provider of Business Process Management (BPM) and workflow automation software and services that enable the shortest time to value, today announced that Boston Corporate Finance (BCF), a technology-focused investment banking firm, has recognized the company as a front-runner in the rapidly expanding BPM industry.

In its fall 2004 Enterprise Integration Software Industry Spotlight, BCF provides a deep investigation into the current market dynamics of the BPM, Enterprise Application Integration (EAI) and Enterprise Data Integration (EDI) software sectors. The results of the company's evaluation reinforce that Ultimus has firmly established its position as a leader in the BPM market.

"We believe that Ultimus will be one of the few survivors in a highly fragmented, increasingly competitive BPM industry," the report states. "Ultimus' strategy to date has been to focus its efforts on improving the underlying processes that are fundamental to a business."

According to BCF, which tracks more than 50 vendors in the BPM, EAI and EDI sectors, only a few BPM providers will flourish in the hyper-competitive, highly fragmented space. In its report, BCF predicts Ultimus is one such company - echoing sentiment first aired by CEO Rashid Khan some 10 years ago when Ultimus was founded.

The report states, "while most of the pure-play BPM vendors have raised tens of millions of dollars to build what they claim to be the most robust, scalable technologies and create marketing hype, Ultimus has developed an equally scalable platform while maintaining a razor sharp focus on the end goal - improving the way work gets done." Ultimus continues to expand its leadership position in BPM on the strength of its Adaptive Discovery(TM) technology, a revolutionary new approach to business process management. Experts agree that one of the most challenging aspects of business process management is defining the process and its associated rules. Adaptive Discovery enables organizations to deploy automated processes without complete maps, while process experts can define flow and manage exceptions on the fly.

BCF is a well-known private investment banking firm which provides expertise on a broad range of financial disciplines to assist corporations in achieving their most critical strategic and financial objectives. The report was conducted independently and is being viewed as a barometer of the BPM industry by organizations and analysts alike.

In the report, BCF added, "Adaptive Discovery provides an alternative to complicated enterprise process mapping, which often times can delay or even kill a BPM implementation. We believe that Adaptive Discovery will be a key differentiator for the company as it provides the flexibility and agility that BPM systems must have to simplify the process design lifecycle, shorten implementation cycles and, most importantly, shorten time to value."

"Ultimus differentiates itself by providing BPM solutions with the fastest time to value, because our approach allows customers to identify the basics of business processes, then use technology to improve and optimize them," said Rashid Khan, CEO and co-founder of Ultimus. "Our positioning as a market leader by Boston Corporate Finance and tier-one analyst firms confirms that our strategy is right on."

Industry Spotlight reports are complimentary for BCF clients, Enterprise Integration Software industry participants, and the venture capital community. To receive a copy, please contact Craig Gibson at [e-mail] or at 781-320-3200 x 204.

About Ultimus

Ultimus is a global business process management (BPM) software company that delivers the shortest time to value for business process automation and improvement initiatives. Headquartered in Cary, N.C., the company is ranked by industry research firms Gartner and Forrester as one of the leading vendors in the BPM market. Ultimus is known for its experience and focus, its innovative technology, and its global market presence.

Ultimus has business operations and sales offices throughout North America, Europe, Asia, South America and the Middle East. Through these offices and a network of more than 100 partners in 61 countries, more than 1,300 customers, including Carnival Cruise Lines, Citizens Bank, McKessonHBOC, Microsoft, Newell Rubbermaid, Black and Decker, Rexam do Brasil and Cable & Wireless Panama have deployed the Ultimus BPM Suite to automated and improve a wide range of business processes.

The Ultimus BPM Suite has been recognized by eWeek magazine with the 2004 eWeek Excellence Award. In addition, Ultimus is a three-time recipient of the Technology Fast 500 Award from Deloitte & Touche and many other awards. More information about Ultimus can be obtained by visiting the Ultimus Web site at http://www.ultimus.com, emailing [e-mail], or by calling 919-678-0900.

About Boston Corporate Finance

Headquartered in Westwood, Mass., Boston Corporate Finance, Inc. is a private investment banking firm focused on providing traditional investment banking advisory services to high growth companies primarily in the technology sector. BCF's senior professionals have both global, as well as regional investment banking experience with firms including KPMG Corporate Finance and Advest, Inc. Additional company information can be obtained on the World Wide Web at www.bostoncf.com or by calling 781-320-3200.