Their long-term plan is the day
after tomorrow.1x TTM revenue (Supply Chain). The firm helps advisors realize fair market value for clients'
life insurance policies by structuring and negotiating life settlements with
its national network of financial institutions.

intermediary provices

com) is the nation's
leading investment bank and M+A advisory representing privately held
software companies, e-businesses and IT service providers .
The secondary market for life insurance allows seniors who no longer need
their life insurance policies to sell them to financial institutions. Many advisors are hesitant to offer
this option to clients because of their inability to answer basic questions
like: "Can I sell my policy?" and "How much is it worth?" Life Settlement
Insights' Insurance Valuation Service(SM) answers these questions
confidentially and quickly. in Philadelphia, Pennsylvania.

aldes m25

"Our clients have been asking for these kinds of services, and, up to now,
each request for this had to be handled on an exceptional basis," said Joe
Crossney, Fiducial's director of systems support and development.

CONTACT: Stephen Parezo
(410) 910-5826
stephen.

Software Industry Mergers and Acquisitions up Sharply in 2004; On Pace for an Even Better 2005

The median M+A valuation in Q4 was 2. SEG projects North American deal volumes will
increase 18% in 2005 to 1,925, and median valuations will grow from
2.C. CLEVELAND, The new Insurance Valuation Service(SM)
from Life Settlement Insights makes it easy for advisors and clients to know
how much their life insurance policies are worth.

renwick divestiture

He says the "hottest" items in the legal realm for small business owners these
days are succession planning and litigation support.4x
trailing-twelve-month (TTM) revenue, a steep ascent from 2003's median
valuation of 1.

Software Equity Group (www. We believe we are the only firm offering immediate price estimates.

confidentiality receipts

renwick matchmakers

"Our
clients can probably get each service from a different or separate provider.
Most entrepreneurs seem to come up short as far as being covered in these
areas and usually don't consult a legal professional until they have to. Established in Europe
in 1970, Fiducial entered the U.S.8x
TTM revenue."
The Insurance Valuation Service (SM) uses proprietary pricing software and
extensive experiential databases to generate estimated valuations.
"The market is rapidly gaining acceptance, but there are few, if any,
places for advisors to turn when trying to get policy valuation questions
answered quickly," said Ron Alexander , Chief Marketing Officer.

m25 aldes

C.1 billion
spent on software companies was 18% greater than 2003's total as a
result of increased valuations, a higher number of transactions, and a
surge of "mega" deals .
The median software company M+A valuation in 2004 was 2.8x TTM revenue. "This service is our response to the frustration
of advisors who can't get a simple answer to these fundamental questions,"
said I. For more information, please visit the company website
at http://www.

hemmen matchmakers

Succession Planning , Litigation Support are 'Hot' Legal Items
for Small Businesses Right Now

COLUMBIA, Md.

New Insurance Valuation Service(SM) Makes it Easy to Know a Policy's Fair Market Value

Insurance
Valuation Reports(TM) are free to any advisor who works with Life Settlement
Insights.

confidentiality structuring

What we are doing, however, is offering the opportunity at very competitive
pricing for our clients to make one call and we will provide this full array
of services. For
more information , visit http://www.parezo@fiducial. "I've
never seen a better prospecting tool or more focused sales support package for
life settlements," said Ellen Radcliffe, Vice President of Brokerage Concepts ,
Inc.LSInsights.

cantrell brokering

Privately held with global
revenues of more than $1.com

The Report is available at www. "Answering these
questions is the kind of professional service advisors seek to deliver to
clients.

Brokerages for business opportunities.

m25 confidentiality

The Report includes a
detailed analysis of more than 60 transactions.

About Software Equity Group, L.

receipts arbutus

Fiducial Adds Legal Support Services to its One-Stop Shop Offerings

"

About Fiducial
Fiducial is an international provider of professional business and
financial services to small businesses and individuals.com

Key Findings:

The software industry accounted for 16% of total North American
M+A activity in 2004, leading all other industry sectors. James Cavoli, CEO of Life Settlement Insights.

malley divestiture

, Fiducial , a multidisciplinary
professional services provider to small businesses, today announced that it
has added Legal Support Services to its growing list of one-stop shop
offerings at participating offices throughout the U. Instead of being pro-active, he says most small
business owners "wait until a problem arises. Software M+A valuations continued to vary widely by
product category, ranging from a median 6.

valuations matchmakers

Among the services offered are business formations and
restructurings, succession planning, litigation support, buy-sell (redemption)
agreements, divorce valuations, estate tax planning , gift tax planning, wills
and trusts.

brokering hemmen

Since 1992,
Software Equity Group has guided more than 1 ,000 software companies in
the United States, Canada, Europe, Pacific-Asia and Israel.

sunbelt provices

The aggregate $52.6x TTM revenue.9x TTM revenue (Storage
Management) to 1.com .

jilek matchmakers

The Annual Report also
includes an insightful forecast of software industry M+A activity and
valuations in 2005.

receipts matchmakers

Entrepreneurs seeking legal help should contact their local Fiducial
advisor who will then coordinate with Legal Support Services professionals to
provide access to a qualified representative that will develop and implement a
plan that meets their needs.

mergers valuations

Despite forecasts of relatively flat IT spending in 2005, an array
of other factors are expected to spur software deals this year,
including cash -swollen balance sheets of public software companies, a
record number of private equity firms willing to pay strategic
multiples and new buyers entering the M+A market with cash after
successful IPOs .4x TTM to 2. This new service can
generate estimates in minutes for any policy that might be sold in the
secondary market for life insurance.

brokering receipts

Fiducial reps can assist clients with all of their legal needs for their
small business including structuring advice, documents, succession plans and
agreements."
Bob Sperling, a tax services hotline advisor for Fiducial who has been a
tax attorney for 25 years, helps coordinate the legal support services effort.2 billion, the company is the twelfth largest
accounting firm in the world and the nineteenth largest in the country.fiducial .

Business Editors/Software Writers

SAN DIEGO----Software Equity Group,
L. (SEG), a leading software industry mergers and acquisition
(M+A) advisory and investment bank, issued its much anticipated 2004
Software Industry Equity Report, a 60 page analysis of software
industry mergers and acquisitions, initial public offerings and
venture capital investments of the past year .

m25 epracticesales

1,630
software companies sold, up 23% from 2003.

sunbelt provices

softwareequity.

About Life Settlement Insights
Life Settlement Insights (LSI) is a leader in the national secondary
market for life insurance, operating through financial service agencies and
brokerages.

aldes jilek

"That's because there is no plan or the plan is 10 years old and needs to
be looked at," said Sperling. Public companies and private equity investors
worldwide rely upon SEG research reports when valuing privately held
software companies.

structuring cantrell

S. market in 1999 through a series of
strategic acquisitions and now serves clients nationwide through a network of
more than 500 company-owned and franchise offices .L.L. The
buying institution assumes responsibility for future premium payments and
eventually collects the death benefit.

bundy proforma

com.SEGReports. The firm
also provides M+A advisory services to public companies in search of
strategic acquisitions. LSI increases values by
employing experienced, credentialed negotiators who use the firm's proprietary
pricing models, an on-staff medical director , and case design personnel to
optimize returns.