KBAY Kanbay International (MM)

Kanbay 'fully capable' in technical and outsourcing capabilities ROSEMONT, Ill., Nov. 16 /PRNewswire-FirstCall/ -- Kanbay International, Inc. (NASDAQ:KBAY), a global management consulting, outsourcing, technology integration and development firm, today announced that independent research firm Forrester Research Inc., has included Kanbay in its survey of top technology and service providers for retail banks. According to data released this month by Forrester, retail banks are revamping technology services to better serve customers in an ever-changing banking environment. "Kanbay is a mid-size, high-end global IT services firm with deep vertical expertise in the banking and financial services industry," Stephanie Moore wrote in the Oct. 3 Forrester report titled Which Service Providers Can Help Retail Banks? Moore continued by noting that "until very recently, Kanbay focused only on financial services firms; however, since its acquisition of Adjoined, it now has vertical expertise in several other industries ... In terms of horizontal services, Kanbay is well-known for its business intelligence expertise. It also has strong testing, compliance (Basel II, AML, and SOX are all areas in which Kanbay has done a significant amount of work) and application development and maintenance capabilities. And Kanbay's Adjoined acquisition gives it good ERP capability, plus two data centers in the U.S. The U.S. data centers are strong differentiators, especially when competing with the Indian pure-plays." The Forrester study breaks down service providers according to banking needs, allowing retail banks to identify the strongest providers in critical support areas including management and technical consulting, applications outsourcing capability and infrastructure outsourcing support. "Kanbay provides clients with the best services according to their targeted needs," said Raymond J. Spencer, Kanbay Chairman and Chief Executive Officer. "Kanbay's growth over the last year, including the acquisition of Adjoined Consulting, highlights our capabilities and commitment to maintaining our recognition as a leading global services provider." On Oct. 26, 2006, Kanbay announced that it has signed a definitive agreement to be acquired by Capgemini, Europe's largest IT consultancy firm, for $29 per share in cash, subject to Kanbay shareholder and regulatory approval. About Kanbay International, Inc. Founded in 1989, Kanbay International, Inc. (KBAY) is a global IT services firm with approximately 6,900 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 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 Form 10-Q for the quarterly period ending March 31, 2006. DATASOURCE: Kanbay International, Inc. CONTACT: Megan Grabos for Kanbay, +1-312-861-4710, Web site: http://www.kanbay.com/

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