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INVESTMENT TECHNOLOGY BRIEFS

S1 Corp. announces intent to acquire privately held Software Dynamics Inc.; GAIN Capital announces new release of Internet-based dealing software.

S1 Corporation, a provider of enterprise eFinance solutions, announced its intent to acquire privately held Software Dynamics Incorporated (SDI), a provider of branch automation, call center and CRM solutions for financial institutions. Under the terms of the agreement, S1 will acquire all of the fully diluted shares of Software Dynamics for 2.0 million shares of S1 common stock and common stock equivalents, and $5 million in cash. The closing of the transaction is subject to customary closing conditions and satisfactory completion of S1's due diligence. The acquisition is anticipated to be revenue and earnings accretive. S1 expects to be able to operate the business cash flow neutral or positive on an annual basis.

GAIN Capital, a source for online currency trading (www.gaincapital.com), announced a new release of the firm's Internet-based dealing software. Version 4.0 includes enhanced order capabilities, a redesigned user interface, and increased performance. GAIN Capital, founded in October 1999, began live trading in May 2000 to offer institutional and individual investors direct access to 24-hour, commission-free Forex trading at Interbank spreads. GAIN tried to improve upon the practice of Forex trading by being the first online FX trading firm to offer its clients the ability to deal directly from real-time, streaming quotes and execute FX trades in less than one second.

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