IVORY SYSTEMS ACHIEVES LISTING ON BOTH THE INC 500 LIST OF FASTEST GROWING PRIVATE COMPANIES, AND THE DELOITTE & TOUCHE FAST 500 LIST OF FASTEST GROWING COMPANIES FOR 2002

Parsippany, NJ, – Ivory Systems has been named one of America’s entrepreneurial growth leaders by Inc magazine, which last week released its 2002 Inc 500 ranking of the nation’s fastest-growing private companies. Also today it was announced that Ivory Systems has for second year ranked on the 2002 Deloitte & Touche Technology Fast 500, a ranking of the 500 fastest growing technology companies in North America.

The private eBusiness integrator, based in Parsippany, NJ, ranked number 215 on the Inc 500 list with 1,017% growth over the past 5 years. The company ranked number 427 on the 2002 Deloitte & Touche Technology Fast 500, down from a ranking of 194 on last year’s 2001 Fast 500 list. The Deloitte & Touche list is also based on percentage revenue growth over five years, from 1997-2001.

“It is an honor and an achievement to have made both lists, particularly during these past 2 years of stagnant IT spending”, says Michael Elfenbein, CEO of Ivory Systems. He attributes the sustained growth of the company to its track record of client project success, and the strong returns Ivory has shown their customers on their e-business technology investments. He adds, “We’re pleased and somewhat surprised to be listed, as our strategy has not focused on being the biggest, but rather on proving ourselves as being the best in legacy system web integration. Without having ever received any outside funding, our steady focus has allowed us to increasingly assist in the successful development and deployment of some of the best Intranet and B2B implementations in the industry.”

“This is the first Inc 500 ranking to reflect the full impact of the recession,” said Inc editor John Koten. “Yet these entrepreneurs are managing to confound the naysayers and move ahead despite the obstacles. They’re showing that smart strategies can succeed even in the toughest of times.”

Ivory Systems, founded in 1995, has strategically engineered its offerings to provide a unique brand of professional systems development for internal and external browser based business systems. During this time, Ivory Systems has provided its clients with a variety of web solutions including Transactional Empowerment, Procurement, Supply Chain Management, and Corporate Intranets.

“Because the Deloitte & Touche Technology Fast 500 measures sustained revenue growth over five years, being one of the 500 fastest growing technology companies in North America is an impressive accomplishment,” said Mark Evans, managing director, Deloitte & Touche Technology, Media & Telecommunications Group. “We are proud to honor Ivory Systems again as a Deloitte & Touche Technology Fast 500 winner.”

In addition to ranking on the Deloitte & Touche Technology Fast 500, Ivory Systems ranked for a second consecutive year on the New Jersey Technology Fast 50, which is a ranking of the 50 fastest growing technology firms in New Jersey.