CardBASE Technologies Completes *8M (US$7.7M) Fundraising.

Business Editors

DUBLIN--(BUSINESS WIRE)--March 9, 2000

CardBASE Technologies* the world's leading smart card software company, announces the successful closing this week of additional investment in the company of *8.0 million (US$7.7m). This latest fundraising values the company at approximately *48 million (c. US$46m), on a fully diluted basis. The subscribers to this investment include existing shareholders and also a significant tranche from new investors. The main shareholders now include founder and CEO, Aonghus Geraghty, ICC, Denis O'Brien, JAFCO (Japan's leading venture capital firm), Gemplus (the leading global card manufacturer), Enterprise Ireland, members of the management team and a number of private investors. IBI Corporate Finance advised the company in relation to this transaction.

The funds will be used to meet the increasing technical software development needs of the company to fulfil recently achieved contracts for CEPS software development in collaboration with Visa International, additional software development for British Airways and other Airline contracts currently under negotiation. The funds will also strengthen CardBASE's position as a leading supplier of smart card solutions in the Internet and eCommerce market place, building on the recently announced marketing agreement with Baltimore Technologies. This will result in a substantial increase in employment opportunities within CardBASE Technologies development centre in Dublin.

Commenting on the recent investment and appointments, Aonghus Geraghty, Founder and CEO of CardBASE Technologies said: "This new investment from existing and new investors is a further vote of confidence in the company and provides us with the means to develop the business and exploit exciting market opportunities open to us."

The company, during recent months, has appointed Mr James Osborne as non-executive Chairman and Mr Cormac Shaw as Executive Director, to strengthen the financial and operational management of the company.

James Osborne was formerly managing partner with A&L Goodbody, and currently sits on the Board of Golden Vale Plc, Murphy Brewery Ireland Limited, Adare Plc, and Ryanair where he was instrumental in advising on the company's flotation. He is also a non-executive Director of Blackstar, the on-line video retailing company. Cormac Shaw is a Fellow of the Institute of Chartered Accountants in Ireland. Having trained with KPMG, he worked as Finance Director of Aquaporte and subsequently as Managing Director of Ballygowan Water Cooler Division, following its take-over of Aquaporte. Before joining CardBASE, Cormac worked as a consultant with Kieran Ryan & Co., Chartered Accountants, in the areas of Corporate Finance and Tax Planning.

CardBASE, headquartered in Ireland, includes among it's customers, British Airways, leading card organisations such as Visa International, Europay International, and major banks in Europe, Middle East, Africa and South America. The company's core product CardBASE* is recognised by the industry as the most advanced smart card management system available.

ABOUT CARDBASE TECHNOLOGIES

CardBASE Technologies(R) (formerly CSI) is a European company serving world markets from offices in Ireland, the United States and Africa. Since its foundation in 1993, CardBASE Technologies has positioned itself at the forefront of eCommerce software solutions, providing innovative smart card management systems for the Internet, Banking, Oil Distribution and Airline Treasury Management.

CardBASE(R) offers clients the ability to issue smart cards, which can manage Multiple Applications, Card Personalization, Card Management, Transaction Processing and Settlement. CardBASE solutions have been specifically designed to support the Visa International led Common Electronic Purse Specification (CEPS) and Public Key Infrastructure (PKI) standards.

CardBASE Technologies Internet address is www.cardbase.com.