Press Releases

For Immediate Release
Contact: Melinda M. Bascone
Director of Marketing
Carter Ledyard & Milburn LLP


--Deal Creates Global eBusiness Services Firm--

NEW YORK, October 27, 2000 - Wall Street law firm Carter, Ledyard & Milburn announced today that it is representing SeraNova, Inc. (NASDAQ: SERA), a global provider of internet professional services, in connection with its proposed stock-for-stock merger with Silverline Technologies Ltd. (NYSE: SLT), a global software services and IT solutions provider headquartered in Mumbai, India. The deal is valued at approximately U.S. $99 million.

Carter, Ledyard & Milburn attorneys involved in the transaction include corporate partners James E. Abbott and Richard G. Pierson, tax partner Howard Barnet, securities counsel Stephen V. Burger, ERISA counsel Patricia Matzye and associates Sandra Rizescu, Steven N. Brautigam, Peter Flägel and Patrick D. Bowman.

The combination of Silverline and SeraNova will create one of the largest global services companies, with over 2,600 professionals working from offices in twelve countries. Combined revenues of the companies for the twelve months ended June 30, 2000 were $175 million.

About Silverline Technologies: Silverline Technologies is an international software solutions provider with more than 12 years of industry experience and over 1600 software professionals globally. Silverline provides IT solutions and outsourcing services with specific focus in eBusiness, CRM, Legacy Transformation, and Application Maintenance. While experienced in many business disciplines, Silverline brings exceptional skills to the key areas of telecommunications, banking, utilities, insurance, transportation, and retail. With annual revenues of over $116 million for trailing twelve months ended June 2000, Silverline provides solutions to Fortune 500 companies as well as major corporations throughout the world. Silverline Technologies is ISO 9001 and SEI CMM Level 4 certified with facilities in the United States, India, Canada, the UK, Germany, Hong Kong, Japan, and Egypt. Silverline uses its global delivery model to provide superior service, accelerated delivery and significant cost savings to its network of worldwide clients. More information can be found at

About SeraNova, Inc.: SeraNova is a global provider of Internet professional services, including business-to-business solutions. SeraNova's services enable clients to combine the scope and efficiencies of the Internet with their existing business processes. The SeraNova's services include strategy consulting, creative design, technology implementation and maintenance of Internet-based software applications. In all client engagements, the company applies the proprietary SeraNova Time-to-Market Approach methodology, to deliver these services. SeraNova focuses on five industry markets - financial services, telecommunications, automotive, technology and healthcare. SeraNova's clients include Global 5000 companies and emerging Internet-based companies that conduct their business exclusively over the Internet. Visit SeraNova on the World Wide Web at

Carter Ledyard & Milburn LLP (, established in 1854, has approximately 90 attorneys and has been headquartered on Wall Street since its founding. Carter Ledyard's general practice includes corporate, securities, mergers and acquisitions, broker-dealer, on-shore and off-shore hedge and other alternative investment funds, private equity, litigation, intellectual property, environmental, employment, media and technology, immigration, investment regulation, antitrust, art law, trusts and estates, maritime, ERISA, tax-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.

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