New Owner for SiteStream - January 2007

SiteStream is now part of the Tekton Group having transferred ownership from MiTek® Industries Inc. Tekton is a national construction solutions group with an installed client base of over 150 construction companies, and annual turnover in excess £8m. The group currently comprises EVision, Intuita and CIT and has a future dedicated to the provision of construction solutions based on Microsoft technologies. The Tekton customer base includes a number of the leading national and regional construction and house builder brands including Skanska, Gleeson, Bovis, Wates, Henry Boot Construction, Propencity Group and Styles & Wood.

SiteStream already have several clients gained through working co-operatively with EVision, the Tekton division who supply Build IT. Build-IT has been developed over the past five years and is built around the Microsoft Dynamics NAV ERP product. As a result of this focused development for the construction sector, it is now recognised by Microsoft, as the class leading business accounting solution for the UK Construction Sector.

The transfer of the ownership of SiteStream was complementary to a simultaneous £12m Management Buyout of Tekton Group led by Inflexion Private Equity, the mid-market private equity investor. Inflexion-managed funds have invested £4.6 million, management has also invested and a package of £5.3m of debt facilities was provided by HSBC Manchester.

Richard Beaton, Chief Executive of Tekton Group said: "We look forward to working with Inflexion and taking the group to the next level of its development as well as the benefits that SiteStream's incorporation will bring. Inflexion's added financial and strategic input will benefit the company in enabling further market penetration as well as developing and introducing new products into new markets."

Tim Smallbone, Director of Inflexion Private Equity said: "Tekton is a fast growing company in a dynamic industry and represents an ideal opportunity for Inflexion to invest. We are pleased to be able to back such an outstanding entrepreneur and anticipate the abundant growth opportunities available in the future."

For more information on the Tekton Group visit www.tekton-group.com

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