Daleen Stockholders Approve $27.5 Million Private Placement.

Business Editors/High-Tech Writers

BOCA RATON, Fla.--(BUSINESS WIRE)--June 7, 2001

Daleen Technologies Inc. (Nasdaq:DALN), a global provider of software that manages the revenue chain for next-generation service providers, today announced that its stockholder approved the private placement of $27.5 million of convertible preferred stock and warrants. Closing of the private placement will follow promptly.

The net proceeds of approximately $26 million will support the company's working capital requirements, strengthen its balance sheet and enable its business development efforts in accordance with the company's business plan.

The private placement was led by HarbourVest Partners and SAIC Venture Capital Corp., with participation by several other existing and new institutional investors including St. Paul Venture Capital, ABS Ventures, BayStar Capital, Palladin Group, Royal Wulff Ventures and the Special Situations Funds. Upon issuance, the preferred stock can be converted into the company's common stock, at the option of the holder, at any time.

"We are delighted with the vote of confidence we received from our stockholders today with the approval of the private placement," said James Daleen, chairman and chief executive officer for the company. "We look forward to the remainder of the year and the opportunities it will bring."

About Daleen

Daleen Technologies Inc. is a global provider of Internet software solutions that manage the revenue chain for next-generation service providers, enterprise business and technology solutions providers. Daleen's RevChain product line automates and manages service providers' revenue chains by providing functionality including service creation and management, customer management, order and fulfillment, billing and settlement across the span of the enterprise. The Daleen RevChain product line is comprised of a set of industry-focused software suites and core applications built on the Daleen Internet Integration Architecture (IIA) system, which leverages open Internet technologies to integrate seamlessly with legacy and existing systems while requiring zero code on the client. Additional information is available at www.daleen.com.

Certain matters discussed in this press release may be considered "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the closing of the private placement required to fund operations in 2001; not yet achieving profitability; variance of quarterly operating results; competition; our continued use of strategic relationships to implement and sell our products; general market conditions, and quality of software delivered. These and additional important factors to be considered are set forth in the Company's Annual Report on Form 10-K for 2000 and in the Company's Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.