Bowstreet Completes Most Successful Year in the Company's History; Accelerates Momentum In Q4 With 16 Key New Customer Wins.

Business Editors/High-Tech Writers

TEWKSBURY, Mass.--(BUSINESS WIRE)--Feb. 11, 2004

Bowstreet(TM), a leading provider of development tools for web-based applications, today announced 16 new customer contracts signed in the fourth quarter of 2003, reflecting the company's continued momentum in key vertical markets and expansion into Europe. The fourth quarter of 2003 provided a strong close to the year, with the company delivering results at 112% of its aggressive revenue plan. Bowstreet's relationship with IBM, which was formalized earlier in the year, had a direct influence on over 80% of Bowstreet's new customer deals.

"Bowstreet and IBM's joint customers consider Bowstreet Portlet Factory to be one of the most innovative solutions. The innovation comes from the ease-of-use of the tool, as well as the speed at which integration can occur, including the delivery of dynamic portlets versus the static portlets that existed in the market for quite some time," said Larry Bowden, vice president, portal solutions, IBM. "Our customers have also told us that Bowstreet has helped save up to 75% of the expected development costs to integrate applications into WebSphere Portal(1). From a business impact perspective, the agreement with Bowstreet has been one of the most significant agreements that we have signed."

In addition to the 16 new customers signed in Q4, 50% of which are Forbes Global 2000 companies, other key achievements for the quarter include:

-- Securing key partners and customers in EMEA.

-- Release of Bowstreet Portlet Factory for WebSphere(R) version

5.7, featuring the SAP Extension and Ready for IBM WebSphere

Studio Software Certification.

-- Announcement of support for the Java Community Process (JCP)

JSR 168 standard.

Fourth quarter customer wins demonstrate Bowstreet's continued momentum in key vertical markets, including financial services, online travel, and consumer packaged goods, as well as establishing a beachhead in Europe with additional customer wins and significant partnerships.

"The success of the past year not only reflects new life in the technology sector, but reinforces our belief that a successful portal project depends upon tools designed to handle changes, both during development and after the application is deployed. Customers are embracing Bowstreet Portlet Factory as a unique and innovative solution in this regard," said Michael George, president and CEO, Bowstreet. "Bowstreet's strong relationship with IBM and our other core partners had a tremendous impact on our success and we will continue to initiate and foster these partnerships."

About Bowstreet

Bowstreet(TM) is the leading provider of development tools for the creation and maintenance of adaptive J2EE applications. With Bowstreet's award-winning automation framework and patented reusable software components, development teams can rapidly build adaptive portlets, web services, and J2EE web applications that stand-alone or integrate directly into an existing infrastructure. Unlike with traditional RAD tools, Bowstreet-built applications are inherently designed for maximum adaptability, allowing for the creation of multiple iterations from a single model without the need for costly reprogramming. The Bowstreet development framework is used by more than 65 companies, including Bureau Veritas, Cardinal Health System, Cisco, Crossrail, DuPont, GM, John Crane, Kroger, Northwestern Mutual, Sanchez Computer Associates, Sun Microsystems, UNICCO, and Wackenhut. Bowstreet is headquartered in Tewksbury, Massachusetts and has offices in Boston, New York, Chicago, San Francisco, Los Angeles, and London. www.bowstreet.com.

Bowstreet is a trademark of Bowstreet, Inc. All other company names and product names may be trademarks or registered trademarks of their respective companies or owners.

1. Indicates a trademark or registered trademark of International Business Machines Corporation.