Canal Partners Acquires Time and Attendance Firm NETtime Solutions

SCOTTSDALE, Ariz.--(Business Wire)--
Canal Partners, a Scottsdale, Ariz.-based private equity firm, announced today
it has acquired a controlling interest in privately held NETtime Solutions
(www.nettimesolutions.com). Best known for its popular web-based time and
attendance software-as-a-service (SaaS) suite called NETtime, the company was
founded in 2002 and has grown to serve more than 50,000 employees to date.

The acquisition is the second significant purchase for Canal Partners, which in
November 2008 purchased a majority stake in online ground transportation booking
company Limos.Com. Canal Partners is actively in the market to acquire
technology-based companies with considerable growth potential.

"NETtime Solutions is a compelling business because it`s a top-tier player in
the time and attendance space and its software as a service model makes it
highly scalable," said Canal Partners Managing Partner Jim Armstrong. "The
company also has an impressive customer list that includes corporations such as
Delta Air Lines, F.A.O. Schwarz and Aramark."

Armstrong, along with partner Wain Kellum, has joined the NETtime Solutions
board of directors. Armstrong is also chairman of the board of JDA Software
Group, Inc. (NASDAQ: JDAS), which he founded in 1978. Canal Partners Managing
Partner Todd Belfer was a founder of NETtime Solutions and already serves as the
company`s chairman.

NETtime Solutions has offices in Scottsdale, Ariz., and Bangalore, India, and
currently has 27 employees. The company became profitable for the first time
earlier this year and had 2008 revenues of $3.2 million.

"It`s an exciting period for NETtime and the time and attendance industry as a
whole," said Bahan Sadegh, Chief Executive Officer of NETtime Solutions. "We
believe we`re poised to more than double the number of employees who use NETtime
by the end of this year and we`re planning to release a powerful upgrade in
early 2010."

The NETtime product suite enables companies to manage all of their time and
attendance functions in an easy-to-use web environment. Functionality includes
labor management, employee timesheets, benefit accrual calculation, real time &
scheduled reporting, HRIS and payroll interfaces and multiple data collection
options. The product is 100 percent web-based, highly secure, comes with
technical support as well as training and can be implemented for as little as
$50 per month.

About Canal Partners

Canal Partners is a private equity firm located in Scottsdale, Arizona, seeking
to realize superior returns by investing and partnering with proven management
teams to create and increase value for highly scalable, growth-oriented
companies with a focus on software and Internet technologies. Alongside an
investment commitment of $1 million to $5 million, typical portfolio companies
will have an enterprise value of $5 million to $30 million, limited debt, solid
cash flow, and a proven management team. For more information:
www.canalpartnersllc.com.

Open Door Communications
Len Gutman, 480-239-9915
len@opendoorcommunications.com

Copyright Business Wire 2009