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12.13.06, 3:05 AM ET

Cordiant Technologies, the trusted offshore product development partner for Independent Software Vendors (ISVs) worldwide, today announced that the company has entered into a Build-Operate-Transfer (BOT) agreement with Neptune Software Plc, a leading provider of universal banking solutions, to advance its comprehensive Universal Banking System application code-named ‘Supernova’ for Neptune.

Under the terms of the agreement, Cordiant has put together a new development team in Chennai, India that will serve as an extension of Neptune’s development efforts to work on its next-generation UBS application. The India team was put in place within 60 days and will now work with Neptune’s teams in London and Lagos in a Distributed Collaborative Development framework. Cordiant’s focus is on building dedicated offshore development teams in India for ISVs and software developers. Cordiant will leverage the company’s Resource Lab for ISVs in International Tech Park, Chennai for its work with Neptune Software.

The Cordiant team in India will develop the UBS system for Neptune Software through a seamless transfer of Product Domain Knowledge and taking control of some elements of the new application midway through the software development life cycle. Cordiant’s experience in banking application development will provide new functionality for this UBS system in the areas of regulatory reporting and monitoring systems using Java and related SOA technologies.

“We are delighted to have reached an agreement with Cordiant to advance what we believe is a new world-class Universal Banking System in London, Lagos, and Chennai, India,” said Harold Dempster, director, Neptune Software. “Cordiant provides us with a low risk entry for offshore development efforts and an experienced team that ramps up its software development efforts while providing a stable infrastructure to get the work done with speed and quality.”

“We are very pleased to work with our new business partner to develop this UBS application,” said Dennis Paul, CEO, Cordiant Technologies. “Our staff specializes in providing complete offshore development services for ISVs around the world with exceptional value. Our functional and technical design, rapid development, product testing and deployment testing teams make sure our software development results meet the high expectations of our partners and their customers.”

Neptune sought to increase its UBS leadership through a significant investment in product research and development. By partnering with Cordiant, Neptune gains a new development subsidiary that uses offshore development, quality assurance, and rigid product development testing cycles that result in software products being brought to market faster and more cost effectively. Cordiant’s proven leadership and results for global ISVs made the company the ideal partner for Neptune Software.

About Neptune Software
Since incorporation in 1999, Neptune has developed Equinox, a universal banking solution and has acquired a client base of more than 30 banks. Banks looking to implement process efficiencies and increase long-term value will appreciate the strategic approach that has resulted in Equinox’s success. The combination of Neptune’s professional services ethic of local consultants supported by the ISO-certified quality control of a UK PLC contributes to Neptune’s success. Neptune has established an enviable support network that includes a corporate head office in the UK and hubs in Paris, Lagos, and Nairobi, in addition to an extensive and expanding network of agents and distributors. Neptune is on the verge of completing its browser based J2EE continuous banking offering running on Oracle. For more information, call +44 (0)20 8680 0239 or visit www.neptunesoftwareplc.com.

About Cordiant Technologies
Founded in 1995, Cordiant Technologies is an offshore provider of outsourced product development services to Independent Software Vendors. With development centers in Chennai and Kochi, Southern India, the company’s U.S. office is located in Princeton, NJ. For more information, call 609-375-2354 (US), +91-44-4266-6015 (India) or visit http://www.cordiant.com.

Cordiant and Cordiant Technologies are trademarks of Cordiant Technologies. All other company, product and publication names are trademarks of their respective organizations.