CARTER, LEDYARD & MILBURN ASSISTS SERANOVA IN $8 MILLION PRIVATE PLACEMENT FINANCING

NEW YORK, October 2, 2000 -- Wall Street law firm Carter, Ledyard & Milburn announced that it represented SeraNova, Inc. (NASDAQ: SERA), a global provider of eBusiness consulting services, in connection with an $8 million private financing by two institutional investors led by Cavallo Capital. Proceeds from the sale of convertible preferred stock and warrants will be used by SeraNova to fund additional working capital needs and to reduce debt.

"We are delighted to have helped SeraNova to complete this round of financing," said James E. Abbott, a partner in Carter, Ledyard & Milburn's Media and Technology practice group. "Institutional investors that understand technology industries are stepping in to provide private rounds of equity financing for successful businesses like SeraNova."

Carter, Ledyard & Milburn corporate partner James E. Abbott, corporate counsel Stephen V. Burger, and associates Sandra Rizescu and Peter Flägel assisted SeraNova with the transaction.

SeraNova (www.seranova.com), a global provider of eBusiness consulting services, leverages an offshore-based global delivery model to provide a comprehensive set of internet and mobile solutions services primarily to Global 2000 companies. SeraNova's services include consulting, creative design, technology implementation and maintenance of internet-based software applications.

Carter Ledyard & Milburn LLP (www.clm.com), established in 1854, has approximately 104 attorneys and has been headquartered on Wall Street since its founding and has additional offices in midtown Manhattan and Washington, DC. Carter Ledyard's general practice includes corporate, securities, mergers and acquisitions, private equity, litigation, intellectual property, environmental, employment, media and technology, immigration, investment regulation, antitrust, trusts and estates, maritime, ERISA, exempt organizations, real estate, tax and bankruptcy. A significant part of the firm's practice involves representing overseas-based clients and their U.S. affiliates, financial institutions and other financial services providers, governmental entities and media and technology clients.