Carter Morse & Mathias Announces Sale of Proceed North America to Technology Solutions Company

Press Releases

FOR IMMEDIATE RELEASE

SOUTHPORT, Connecticut, November 18, 2004 -- Carter Morse & Mathias today announced the sale of Stamford, Connecticut-based Proceed North America LLC to Technology Solutions Company (TSC) (Nasdaq: TSCC) under an asset purchase agreement between the two companies. Proceed will operate as a division of TSC and continue to serve as a primary implementation partner for SAP Direct Packaged Services in the United States. Carter Morse & Mathias was Proceed's exclusive financial advisor in the transaction.

SAP Packaged Services are designed to address business issues, such as data archiving, fax automation and purchase order approval processes. Available through SAP Direct, SAP Direct Packaged Services combine software, professional services and documentation to provide customers with a “quick fix” to common business issues. SAP Direct was launched in May 2004 by SAP America, the U.S. subsidiary of SAP AG (NYSE: SAP ).

Yvonne Hyland, Proceed founder and president, stated, "Since we began offering SAP Packaged Services in North America, we have seen demand grow. SAP customers like this low risk, high value "no surprise" approach to resolving their business needs. By leveraging TSC 's deep SAP technical, implementation and project management experience, we can accelerate the development and delivery of SAP Packaged Services which is what customers are demanding."

Delivering business benefits through the application of information technology, TSC is an IT consulting firm that has worked with more than 800 clients worldwide, including the majority of the Fortune 100. "SAP Packaged Services address the current IT marketplace where companies focus on continuous improvement in their business systems and require a defined return on investment for each project," said Michael R. Gorsage, TSC president and CEO. "With the acquisition of Proceed, TSC can now offer a wide range of value-based, fixed-price solutions tailored for SAP clients."

Carter Morse & Mathias is a regional investment-banking firm, founded in 1987 and headquartered in Southport, Connecticut. It specializes in merger and acquisition advisory activities, raising private capital, and business valuations for entrepreneurial companies. It is affiliated with Carter Capital Corporation, a broker-dealer registered with the NASD and the SEC.

For more information contact, Gary Mathias, Managing Director, (203) 254-3333 x300