Systems Evolution Inc. (SEVI), incorporated in 1968, is a professional service organization that provides computer software development services, computer network support and contract staff services. The Company's service offerings are grouped into either the Business and Technology division (B&T) or the Next Hire Consultants division (NHC). The services provided by both divisions overlap except their brand identification, and that B&T provides complete software projects and NHC provides a single contract staff member. SEVI uses Microsoft, Novell and IBM Rational tools to build software and support computer networks. As of June 30, 2005, the Company's largest client is the State of Texas Government. On March 15, 2004, SEVI acquired AXP Technology Services, Inc. (AXP), a provider of computer network support. On July 27, 2004, the Company acquired Southwest CMS Technology Services LP and its general partner CMS Associates, LLC (CMS). CMS is a provider of Microsoft and Novell network integration to various clients. In September 2004, SEVI acquired Next Hire Consultants, Inc. (NHC), a staffing firm providing placement services to the infrastructure engineering industry. As of June 30, 2005, NHC was continuing its operations as a wholly owned subsidiary of the Company. In September 2004, SEVI also acquired Duration Software, Inc. (DSI), a software development company that provided services primarily to the departments of the State of Texas governments. The B&T division provides the Company's high-end, value-added software development services. Software is developed in phases, with individual employees specializing in each phase. These phases include program design using the IBM Rational Unified Process; project management; software programming using Microsoft .Net or SUN's Java / J2EE architectures; and network support. The NHC division provides contract staff and permanent placement services. NHC works with clients that require a specific talent or certification and that will eventually hire the SEVI hourly employee onto their own payroll. NHC's significant clients include FMC, Idera and Shell Oil. The Company's revenue is derived primarily from professional services provided on a time and materials basis, with the remaining revenue provided from fixed fee engagements. For time and material contracts, revenue is recognized and billed by multiplying the number of hours expended by SEVI's professionals in the performance of the contract by the established billing rates. Provisions for estimated losses on uncompleted contracts are made on a contract-by-contract basis and are recognized in the period in which such losses are determined. Billings in excess of costs plus earnings are classified as deferred revenues. On many projects, the Company is also reimbursed for out-of-pocket expenses such as airfare, lodging and meals. These reimbursements are included as a component of revenue. SEVI competes with Perficient Inc. and eLinear Solutions.

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