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SUO - BECOMES LARGEST SHAREHOLDER OF UPDATE SOFTWARE
2007-02-01 07:03 (New York)

Oslo, February 1 2007 -- Today, SuperOffice ASA
announced an ownership position of 8,22% of the
shares of update software AG, an Austrian
company listed on the Deutsche Börse in
Frankfurt (ISIN AT000747555, ticker code UP2).
With this position SuperOffice ASA has reason to
believe that it is the largest shareholder of
update software AG.

As Europe`s leading CRM software vendor,
SuperOffice aims at growth and ways to improve
its position internationally. In this context,
SuperOffice wishes to take financial positions
in companies which are considered to contribute
with added value, a solid market position and
profitable business to SuperOffice. update
software AG is such a company. A limited
shareholding position like this gives
SuperOffice the opportunity of learning more
about the company, before a potentially
industrial and strategic engagement is decided.

As part of this strategy, SuperOffice is
continuously analyzing the European software
market, both in the direction of pure CRM
software vendors and complementary software
vendors in CRM related areas like document
management, business intelligence, customer
service and portal solutions.

update software AG represents an interesting
opportunity based on the following:
-update and SuperOffice ASA are both best of
breed CRM vendors with more than 10 years
experience in the European CRM market.
-Both update and SuperOffice have a solid
footprint in Europe, with matching market
geographies.
-Both companies are listed and are financially
solid. SuperOffice reached 2005 revenues of EUR
31,2 million and EBIT of EUR 6,7 million (21%
margin). update reached 2005 revenues of EUR
18,6 million and EBIT of EUR 2,3 million (12%
margin).
-The revenue mix of the companies is similar,
with license and maintenance revenues accounting
for approximately 70% of total operating
revenues.
-The two companies have a complementary go to
market strategy.

For information on update software AG, see
www.update.com.

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Die Zauberworte:

A limited
shareholding position like this gives
SuperOffice the opportunity of learning more
about the company, before a potentially
industrial and strategic engagement is decided.