ASX ANNOUNCEMENT - USC Acquires QSP Asia Pacific

23 November 2001

Utility Services Corporation Limited (USC), advises that it has agreed
to acquire the assets of QSP in the Asia Pacific region from QSP's UK
based parent. The assets include the exclusive rights to QSP WebFinance
Suite and Advisor Series - Enterprise Budgeting in this region and all
intellectual property.

The business is expected to generate revenues in excess of $12m per
annum and achieve profit margins of approximately 10% of revenue over
the medium term. The purchase price is regarded as opportunistic at
less than $1m and the acquisition is expected to be earnings per share
positive from the outset.

The purchasing vehicle is a wholly owned subsidiary of USC, however, it
is intended that QSP management have certain equity incentives in the
acquisition.

Executive Chairman of USC, Mr Geoff Lord stated ''the acquisition of QSP
Asia Pacific (QSP) builds on our
e-Business group strategy to develop a range of complementary
technology-related professional services to industry and government. We
are very excited about acquiring QSP's enterprise-class financial &
budgeting applications, clients and dedicated staff. QSP will provide a
strategic financial software dimension to our
e-Business group''

Mr Stephen Mackley, Managing Director of QSP Asia Pacific said that ''We
expect a very positive response from our user group and our staff are
looking forward to the new ownership structure. The change over to an
independent business unit of USC will be as seamless and painless as
possible for our clients, business partners and staff. We look forward
to the benefits that being part of a larger financially strong public
group provides. Despite the difficult market conditions for the IT
industry, QSP is well positioned for sustained growth in the year
ahead''.

About QSP

QSP provides Financial Software, Professional Services and e-Business
solutions, with the objective of optimising the business processes
within and around the financial function of its clients. The products
that support this process are Core Financial Software, Budgeting,
Forecasting, Consolidation and Business Intelligence.

QSP, established in Australia in 1987, is a leading provider of
Enterprise-Wide Core Financial Software as well as budgeting,
forecasting, consolidation and business intelligence applications. QSP's
success is based on long term business relationships with its clients as
well as the efficient delivery of highly functional solutions. QSP's
Asia Pacific operation has an impressive portfolio of Public Sector and
Corporate clients.

QSP's focus is on the needs of CFO's and the delivery of genuinely
responsive, customer-centric solutions. QSP's e-Finance Solutions are
designed to unlock the true potential of corporate financial information
and directly improve the efficiency of the finance function within any
organisation, from 10 to 10,000 users.