KWI announces two major board appointments

LONDON, Oct. 9, 2001 – KWI, a supplier of trading and risk management systems for the energy market, has laid the foundation for another period of rapid growth with two board level appointments.

Michael Laven, former Chief Executive of Infinity, has been appointed as KWI’s Chief Operating Officer. At the same time, David Pitt, the former European President of Convergent, joins KWI as European Vice President of Field Operations.

“This is a real coup for KWI. These appointments add real weight to the board and pave the way for a period of rapid expansion. Mike has a huge amount of experience in growing and managing companies. He has had great success in both launching start-ups and running large corporates, and preparing them for IPO. He will be a major asset to KWI,” said David Bucknall CEO of KWI. “David has an outstanding track record of delivery in both the product and services environments which will be extremely valuable to KWI as it expands its European operation.”

Laven will work closely with KWI’s founders and key members of the senior management team to ensure that KWI continues to enjoy the 100% annual growth in sales it has recorded since 1993. He will have responsibility for the expansion and performance of business operations right across sales, services and development.

Pitt will actively direct the European offices and sales team to rapidly grow KWI’s sales and services capability in the region. He will ensure that KWI builds on its current European success to achieve a market dominant position in the region.

“KWI has expanded quickly since it was founded and has a truly global reach. It will be my job to continue KWI’s outstanding year on year growth by maintaining and building on its overseas sales successes and seeking out new opportunities as they emerge in the global energy markets,” commented Laven. “KWI is a great company, with a huge array of talent, a vast amount of knowledge and expertise and an outstanding product. It has an exciting and profitable future.”

Laven was CEO at Infinity, the derivative trading and financial risk management company, for four years. He prepared the company for an IPO and managed its multi-million dollar acquisition by SunGard. He joins KWI from Cohera, the B2B infrastructure start-up, where he was president and CEO. He launched Cohera with $24 million funding from investors and managed its sale two years later to PeopleSoft.

Pitt launched Convergent, the systems integrator for the utilities and energy markets, into Europe in January 2000 and was part of the Executive team that negotiated the Company’s sale to Schlumberger in May of this year. Previously he spent 5 years as Managing Director EMEA for Indus International, the world’s largest provider of Enterprise Asset Management Systems.

Founded in 1993, KWI now employs over 160 people from its headquarters and development centre in London and its regional offices in Houston, San Francisco, Boise, Frankfurt, Stockholm and Sydney. A whole host of blue-chip clients – power generators, traders and retailers in 16 countries are using its flagship product kW3000à¢â€ž-, including PacifiCorp, Bonneville Power Association, Statkraft, Essent, Atel and CEZ. More than 1.5 billion MWh are managed using KWI’s software.

About kW3000à¢â€ž-

kW3000à¢â€ž- is a suite of applications designed to manage risk and trading in the rapidly changing electricity and multi-commodity energy markets. Using kW3000à¢â€ž-, changes to the native load and generation assets are integrated with the trading book to give traders a clear, real-time view of Profit at Risk, a key performance indicator in the KWI risk methodology.

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