KBAY Kanbay International (MM)

Adjoined Acquisition Bears Fruit as Innovative Consulting Model Proves Attractive to Many Global Companies ROSEMONT, Ill., June 22 /PRNewswire-FirstCall/ -- Kanbay International, Inc. (NASDAQ:KBAY), a global management consulting, technology integration and development, and outsourcing firm, today announced that it has started the initial parts of work related to a large strategic initiative with one of the world's top 25 insurance companies. Kanbay was awarded the business over several top tier vendors being considered, highlighting the desire of large companies to engage with firms that offer deep sector experience with world-class IT consulting experience. Kanbay will work with the client to implement the high-end systems critical to the insurance industry. Simultaneously, Kanbay is expected to upgrade the client's core insurance IT systems by seamlessly completing conversions and migrations, implementing a new platform and re-architecting systems. Kanbay also expects to be responsible for managing the applications once they are in place. "The breadth and depth of this win and the anticipated follow-on work involving application support, development and application re-architecture on an enterprise basis is significant for our company," said David Smith, practice leader for Kanbay's Global Insurance Practice. "Entering into such a strategic initiative with a leading company in the insurance sector provides us with an opportunity to apply our deep domain expertise, giving the client a superior return on their deployed capital." The initiative, which requires both consulting services and core insurance IT systems work, will leverage Kanbay's new IT services model, which was developed when Kanbay acquired Adjoined Consulting in March 2006. "When Kanbay acquired Adjoined, the integration of the two companies provided the opportunity to develop a new breed of IT services firm," said Rodney Rogers, former CEO and founder of Adjoined Consulting and senior managing director of Kanbay. "Under this model, we are able to offer our efficient end-to-end solutions through a proven transparent global delivery platform. Our highly integrated suite of sophisticated offerings clearly differentiates us from the competition." "Kanbay can effectively compete with the tier one Indian vendors for business from financial services clients who expect high touch 'solutions,' and strong customer service," writes Forrester analyst Stephanie Moore in the February 2006 report entitled Kanbay Acquires Adjoined Consulting. "Kanbay has developed the means to develop a global sourcing business that is more likely to ensure client satisfaction and make customers successful." About Kanbay International, Inc. Founded in 1989, Kanbay International, Inc. (NASDAQ:KBAY) is a global IT services firm with more than 6,200 associates worldwide. Kanbay provides a highly integrated suite of management consulting, technology integration and development, and outsourcing solutions through a proven global delivery platform to clients focused on Financial Services and Consumer & Industrial Products, as well as an emerging presence in the Communications & Media and Life Sciences industries. Kanbay is a CMM Level 5 assessed company headquartered in greater Chicago with offices in North America and India as well as London, Singapore, Hong Kong, Tokyo and Melbourne. Further information about Kanbay can be found at http://www.kanbay.com/. Forward-Looking Statements This release contains statements relating to projections or future results. These statements are forward-looking statements under the federal securities laws. We can give no assurance that any projections or future results discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from the statements contained in this release. For a discussion of important factors that could affect our actual results, please refer to our SEC filings, including the "Risk Factors" disclosure in our Quarterly Report on Form 10-Q for the period ending March 31, 2006. DATASOURCE: Kanbay International, Inc. CONTACT: Megan Grabos, +1-312-861-4710, , or Caroline Hoenk, +1-312-861-4706, , both for Kanbay International, Inc. Web site: http://www.kanbay.com/

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