Subex completes acquisition of Azure Solutions

MUMBAI

JUNE 23, 2006

Subex Systems, the Bangalore-based telecom software product company,
announced the completion of its previously announced acquisition of
UK-headquartered Azure Solutions. With a deal size over US$ 140 million, this is
the single largest overseas acquisition by an Indian software company. The new
entity is called Subex Azure Limited and it enjoys a global leadership position
in Telecom fraud management and revenue assurance.

"This acquisition is a big step in augmenting Subex Azure's strategic
business focus to help telcos establish the Revenue Operations Center (ROC)
through an integrated suite of best-of-class solutions. The successful closure
of this acquisition represents exciting opportunities for our customers as we
now offer an integrated and synergistic value proposition hitherto unrivalled in
our space," said Subash Menon, Founder Chairman, Managing Director &
CEO, Subex Azure.