Alchemy Software Development

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Alchemy Software Development and GlobalSight Corporation sign OEM Agreement

Two Powerful Brands Combine to Provide Enterprise-level Software Localization Solutions

DUBLIN and SAN JOSE – May 19, 2004 – Alchemy Software Development, the leading provider of visual localization solutions, announced today that is has entered into an agreement with GlobalSight Corporation, the leading provider of enterprise software that makes information world ready, to integrate their award winning Alchemy CATALYST™ 5.0 into Globalsight's Ambassador product. Ambassador is an enterprise software application with the most advanced localization management tools available to support customers in automating, improving and reducing globalization costs.

“The seamless integration between Alchemy CATALYST™ 5.0 and Ambassador provides an end-to-end solution for enterprises and localization engineers who want a faster, more flexible and visual way of localizing software,” says Tony O'Dowd, Chief Executive Officer and President of Alchemy Software. “We are excited to partner with GlobalSight in providing a leading edge environment that will help customers reach their international markets quickly with quality products.”

“We are very pleased to announce Ambassador's Software Localization Module, powered by Alchemy CATALYST™,” says Doug Chapin, Chief Executive Officer of GlobalSight Corporation. “This new module provides our customers with the first complete enterprise documentation, Web site, and software globalization system to allow companies to lower costs and speed results for all elements of international business. Ambassador's work automation and integration ease allows worldwide simultaneous shipments of software for increased revenue in today's highly competitive market.”

Ambassador's workflow component and enterprise architecture will enable deployment of Alchemy CATALYST™ across large organizations, automating the creation and distribution of developer packages containing software files for software localization. The Software Localization Module, powered by Alchemy CATALYST™, will automate the creation, leveraging and extraction of files necessary for efficient software localization; generate statistics for all actions; and enable users to track files throughout the lifecycle of the software localization process.

About GlobalSight Corporation
GlobalSight Corporation makes business world ready. GlobalSight software combines powerful translation tools with workflow management technology that easily integrates with existing content development and management applications. GlobalSight is funded by Draper Fisher Jurvetson, MidOcean Capital Partners, Whitney & Co. and 3i Corporation. Customers include Hewlett- Packard, Philip Morris International, NTT and The World Bank. Visit GlobalSight at www.globalsight.com , or e-mail info1@globalsight.com .

GlobalSight is a trademark of GlobalSight Corporation. All other company and product names areused for identification purposes only and may be trademarks of their respective owners.

Alchemy Software Development Limited
Alchemy Software Development is the market leader and pioneer of Software Globalization Solutions. Multinational enterprises developing applications for Java, Windows9x, NT, ME, 2000, XP, SymbianOS, .NET, and XML, use Alchemy technology to accelerate entry to international markets, improving revenue growth opportunities and reducing their costs.

Alchemy's technology is designed to boost the efficiency and quality of globalizing software products and is used by software development and globalization companies worldwide. With over 8,000 licenses installed worldwide, Alchemy CATALYST™ is used by translators, software engineers, quality assurance specialists and project managers and is referred to as the Gold Standard in Localization.

Corel Corporation Limited holds a 24.9% stake in Alchemy Software Development Ltd. Alchemy Software Development has offices and facilities in Canada, Europe, Asia-Pacific and the United States.

For more information on the company and its products, please refer to http://www.alchemysoftware.ie/