Redknee (TSX:RKN), a leading provider of business-critical billing and charging software and solutions for communications service providers, announced the closing of its acquisition of Nimbus Systems, a privately-held company that specializes in next generation billing, content settlement and customer care. Redknee announced its intent to acquire Nimbus Systems on July 30, 2010. The closure of the acquisition will immediately increase Redknee s presence in Tier 1 group operators and will open opportunities for Redknee to expand into new geographies and other key verticals.

Caroline Chappell, Analyst at Large, Heavy Reading commented:
The acquisition of Nimbus Systems by Redknee reiterates how the real-time billing and customer care space is becoming one of the most dynamic domains in the industry today. As the world continues to converge towards 3G and 4G networks, the need for robust end-to-end offerings in real-time billing and customer care becomes more urgent as service providers look to drive data revenue and increase profitability.

The technology and product synergies between Nimbus Systems and Redknee s will see the full integration of Nimbus Systems solutions into Redknee s product portfolio. It will provide a broader set of offerings to Redknee s customers as they upgrade or replace legacy systems in order to migrate to next generation billing, charging and customer care platforms. Redknee and Nimbus Systems independently developed software, which includes open APIs, will ensure that Redknee s solutions can be fully integrated into any existing billing systems and are flexible and scalable to the evolving needs of service providers. In addition, the expanded product portfolio will enable service providers to launch more services, while reducing OPEX and time-to-market.

Lucas Skoczkowski, Redknee s CEO commented:
We are excited to announce the closing of this acquisition. We believe that the combined customer base, domain expertise and product portfolio of Redknee and Nimbus Systems will bring new opportunities to accelerate growth and increase our revenues and earnings. As we integrate Nimbus Systems, we will look to cross-sell each-others offerings to our existing combined customer base, while being able to offer new customers a broader range of products and services. In the future, Redknee will consider expanding into new geographies and extend our target markets around our core platform of monetization and customer care management.

More information on the acquisition can be found at www.redknee.com/nimbus

For more information about Redknee and their solutions, please go to www.redknee.com.

About Redknee:
Redknee is a leading global provider of innovative communication software products, solutions and services. Redknee’s award-winning solutions enable operators to monetize the value of each subscriber transaction while personalizing the subscriber experience to meet mainstream, niche and individual market segment requirements. Redknee’s revenue generating solutions provide advanced converged billing, rating, charging and policy for voice, messaging and new generation data services to over 90 network operators in over 50 countries. Established in 1999, Redknee Solutions Inc. (TSX: RKN) is the parent of the wholly-owned operating subsidiary Redknee Inc. and its various subsidiaries. References to Redknee refer to the combined operations of those entities. For more information, visit www.redknee.com.

FORWARD-LOOKING STATEMENTS
Certain statements in this release relating to the Acquisition and other statements may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use such words as may , will , expect , continue , believe , plan , intend , would , could , should , anticipate and other similar terminology. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, the failure of the parties to meet certain terms and conditions relating to the Acquisition and the factors discussed under the Risk Factors section of Redknee s most recently filed Annual Information Form which is available on SEDAR at www.sedar.com and on Redknee s web-site at www.redknee.com.

Although the forward-looking statements contained in this document are based upon what we believe are reasonable assumptions, we cannot assure investors that our actual results will be consistent with these forward-looking statements. We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.