Compassoft Hires Leifur Thordarson as Vice President, Alliances to Drive Governance, Risk and Compliance Programs.

SCOTTS VALLEY, Calif. -- Compassoft Inc., the leading provider of financial software applications for the discovery, validation and control of End User Computing (EUC) applications such as spreadsheets, databases and reports, today announced the appointment of Leifur Thordarson to the newly created position of Vice President, Alliances. The appointment comes at a time when Compassoft is facing increasing global demand from companies seeking to reduce the risks of accounting errors and fraud, and comply with regulatory mandates such as Sarbanes-Oxley and the FDA's 21 CFR Part 11.

"Leifur will work closely with our channel partners, including the major accounting and professional services firms and systems integrators to provide Compassoft's software to corporate clients in diverse industries spanning banking and financial services, retail, pharmaceuticals and life sciences," said Paul Bach, CEO of Compassoft. "He has achieved impressive results by forging strategic partner alliances and successful channel programs in similar positions at Informatica and AlterEgo Networks."

Channel partners and resellers such as the Swiss-based multinational technology conglomerate ABB, and others such as EMC/Documentum and Pharmaceutical Services Corporation are primary distributors and implementers of Compassoft's technology solutions around the world. Compassoft has successfully delivered its solutions to more than 150 customers through strategic partnerships with leading enterprise software and database providers, infrastructure technology providers, systems integrators, value-added resellers, and original equipment manufacturers. Today, Compassoft's worldwide customer base includes each of the Big Four accounting firms, ABN AMRO, Bruce Power, CitiGroup, HP, Lloyds TSB, Prudential, Sydney Futures Exchange, Tulane University, Tyson and Venetian Casinos.

The consulting and professional services firms specializing in governance, risk, and compliance are a major market for Compassoft. In his new position, Thordarson will drive initiatives to help build and streamline specialized risk services for these firms employing Compassoft's unique enterprise-wide visibility and auditing tools.

"We know that 30 percent or more of corporate data is regularly stored on desktop and notebook hard drives, and that data is invisible to the enterprise," said Thordarson. "Compassoft's software gives companies visibility and control over these hidden spreadsheets, databases and reports so that they can identify, understand and manage risks. This is an exciting opportunity to work directly with Compassoft's partners to help mitigate such risk from unmonitored data."

Prior to joining Compassoft, Thordarson was VP of Worldwide Alliances and VP of West Area Sales at Informatica Corporation (NASDAQ:INFA), the leading provider of data integration solutions. Previously he was VP of North American sales at AlterEgo Networks. Earlier in his career he held key account management positions at Sybase and Amdahl Corporation. While at Sybase he oversaw several of the company's major accounts, including Hughes Electronics, City of Los Angeles, and Arco Products.

Thordarson holds a B.A. in Advertising and Marketing from San Jose State University.

About Compassoft

Today, more than 150 major corporations worldwide -- across a broad range of vertical markets -- use Compassoft for the discovery, validation and control of end-user applications such as spreadsheets, databases and reports. Compassoft Inc, a venture backed software firm based in Scotts Valley CA, has won numerous awards for its technology and holds several US and international patents on its technology. Representative customers include each of the Big Four accounting firms, ABN AMRO, Allied Irish Bank, Bruce Power, CitiGroup, Echostar, HP, Lloyds TSB, PWC, Prudential, Sydney Futures Exchange, Tulane University, Tyson and Venetian Casinos. For more information, please visit www.compassoft.com.