Enterprise Ireland invests in new startup in the XML technology sector

Enterprise Ireland endorses strategic direction of new startup, Alchemy Software Development, by equity investments

DUBLIN – February 20, 2002 – Alchemy Software Development Ltd., a provider of enterprise infrastructure for multilingual business, today announces an equity investment from Enterprise Ireland. Under this agreement, Enterprise Ireland will acquire 4% of the company raising funds that will be invested to further enhance Alchemy's position as a market leader in the development of enterprise wide localization technology.

“This investment reflect the growing opportunities created by the Internet and the emergence of XML within global e-commerce applications for providers of language translation technology”, said Tony O'Dowd, CEO and President of Alchemy Software Development, “The language translation market will grow to an estimated $22.7 billion by year-end 2005, up from nearly $13 billion in 2000, according to a recent report from Allied Business Intelligence. As a result, Alchemy' multilingual localization technology offerings are becoming indispensable to companies competing in a global economy where language translation capabilities are critical to success in local or regional markets.”

“As more and more companies look to expand into foreign markets, it is crucial that they are able to communicate effectively across multiple languages and cultures,” said Patricia McLister, Manager Software and International Services, Enterprise Ireland. “Alchemy Software Development want to help minimize the costs and time it takes for companies to complete translations and successfully localize their internet and software applications.”

Alchemy Software Development has offices and facilities in Canada, Europe, Asia-Pacific and the United States.

Alchemy Software Development Limited
Alchemy Software Development is a company formed by the original developers and designers of Corel CATALYST™, an integrated translation environment and a pioneer in visual translation and engineering solutions.

Alchemy's technology is designed to boost the efficiency and quality of globalizing software products. With over 8,000 licenses worldwide, it is used by software development and globalization services companies worldwide. Alchemy CATALYST™ is used by translators, software engineers, quality assurance specialists and project managers and is referred to as the Gold Standard in Localisation. Corel Corporation Limited holds a 24.9% stake in Alchemy Software Development Ltd.

Alchemy Software Development has offices and facilities in Canada, Europe, Asia-Pacific and the United States.

For more information on the company and its products, please refer to www.alchemysoftware.ie.