Company overview ADAM is a leading designer, developer and provider of payroll and human talent (resources) software as a service

(SaaS) for both corporate and government markets across Latin America. ADAM currently offers ADAM 5 software as a service, which increases its clients payroll accuracy, and therefore productivity, and may assure the fulfillment of tax and regulatory reporting obligations for its clients. During the past fifteen years ADAM has amassed more than 1,500 user clients that range in size from small (600-2K ees ) local businesses to medium (2K10K ees) national or regional enterprises to large (10K-100K ees) multinational corporations or national government agencies. ADAM provides software services to a wide range of industries and has an impressive array of clients (many with locations in multiple countries) such as Kraft (2 countries), Unilever (16), Gates, Caterpillar (2), Abbott Laboratories (12), Kellogg (5), Dole (2), and the Mexican government agencies of SSP and ASF. Approximately 500 active Latin American clients use ADAMs proven software solutions to prepare payroll for approximately 1 million employees, located in twenty-two Latin American countries. ADAM processes payroll directly for almost 200,000 employees via its On Demand software service. The companys growth and success with large multinational clients is driven by strong alliances and reseller contracts with IBM, Accenture and KPMG who view ADAMs solution as the preferred solution for their large, sophisticated multinational clients throughout Latin America. ADAM 5 is the latest internally designed software as a service (SaaS) product that ADAM began shipping in 2007. Latin America has some of the most complicated payroll and benefits processes and regulations (i.e. Brazil, Mexico) in the world and combines it with an unlimited number of labor union requirements. ADAM 5 must follow payroll process rules, meet labor union requirements and satisfy the statutory requirements of the unique and complicated tax and labor laws of twenty two Latin American countries. ADAM must do all of this in three languages (Spanish, Portuguese and English) and deliver error free payroll on time every time. ADAM 5 utilizes state of the art technology, proprietary architecture and years of payroll experience to build ADAM 5. A robust product with twenty-five carefully designed modules to process payroll (7), manage human talent (resources) (9) and create the reports, security and information (9) needed by a client to successfully manage the critical path of its payroll process and human talent management. ADAM 5 is also unique in the industry with its proprietary full function Time and Attendance, Report Writer and Employee Kiosk module integration. These three modules are typically required by corporate and government clients. ADAM therefore can reduce a clients cost and eliminate the complications of managing a multivendor payroll software system. ADAM 5 modularity and design also allows it to scale down to meet the needs of small to medium size clients while simultaneously scaling up to meet the needs of government organizations or large multinational companies. Historically the companys products have been available via either a traditional software license or an On Demand approach. As of January 2009, ADAM has fully shifted to software as a service (SaaS) or On Demand model and has experienced substantial traction with clients and prospects alike.

MARKET HIGHLIGHTS

Sizable and growing market opportunity for payroll processing and human talent
automation across Latin America. Latin America is an incredibly large, diverse and growing business region of the world that continues to modernize, and where companies are modernizing their payroll and human talent (HR) practices accordingly. Simultaneously an increasing percentage of the workforce is moving towards segments of the economy where more sophisticated payroll processing and human talent (HR) automation solutions are required. Moreover, an increasing number of large multinational corporations are developing and maintaining operations in multiple Latin American countries. All of these trends create a sizable and growing opportunity for ADAM.

 On Demand creates sticky recurring revenue for ADAMs growth engine. Prospects

and Clients are increasingly choosing the On Demand payroll processing business model and ADAM 5 software as a service is ideally suited to meet these needs. The design, implementation and installation of ADAM 5 software as a service in these complicated business environments may be a time and labor intensive process, and can be relatively expensive for the market. This process and expense gives ADAM products a high degree of Stickiness. On Demand clients provide resellers and the company with a highly reliable and predictable sticky revenue base upon which to expand and grow the business.

Wide open competitive landscape. The major competitors in any Latin American country
are (i) accounting firms who administer payroll as part of a broader service offering and (ii) local software companies with older products that are country specific and limited in features and function compared to ADAM 5. Moreover, the market is highly fragmented with the large financial software companies such as SAP, and Oracle / PeopleSoft offering their payroll and HR modules bundled with their very expensive software. But these high ticket payroll / HR products are even more expensive to implement and install and are only available in a limited number of countries. Payroll industry players such as ADP and PayChex are not present in the market in any significant way. There is minimal to no competition for ADAMs pan Latin American offering, as no other vendor has invested the time or money to build a system to handle the complexities of this very unique regional market.

COMPELLING GROWTH OPPORTUNITIES

Become the Pan Latin American payroll and HR platform of choice and enhance
position with global clients. ADAM is in a position to service the complex requirements of enterprises that have operations across Latin America better than any other vendor. By focusing on multinationals, ADAM can attract sizable and highly profitable customers. Resellers key to agrowth strategy. As ADAM expands across Latin America, it has developed and continues to develop an extensive network of resellers, who are trained not only to sell ADAMs offerings but also to provide implementation services to customers. This indirect model has allowed the company to scale the business without the substantial investment required to deploy resources directly in all the countries across Latin America. Continue to enhance product capabilities and underlying technology. From a product functionality perspective, ADAM plans to develop advanced features such as multi-country consolidation reports and automatic language conversion while continuing to update the software to handle shifting tax and regulatory requirements. From a core technology perspective, ADAM intends to continue to release module versions that enhance performance and efficiency.