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Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


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FI Group PLC (XAN)

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Thursday 19 April, 2001

FI Group PLC


FI Group PLC
19 April 2001

                                                        Thursday 19 April 2001

    F.I. GROUP PLC extends international operations through acquisition of
            remaining 80% of Synergy International Consulting Inc.

  There will be a conference call for equity analysts and investors today at
           9.30am.  Details can be obtained from Financial Dynamics

F.I.GROUP PLC (FI), the IT Services company specialising in business
consulting, IT and outsourcing, today announces that it has acquired 80.02% of
the share capital of Synergy International Consulting Inc  ('Synergy').  FI
already owns 19.98% of Synergy's share capital through its acquisition of
Druid in March 2000 and is exercising its option to purchase the remaining
share capital.

Headquartered in Reno, Nevada, and serving major clients throughout North
America, Synergy specialises in the Aerospace and Defence, and Engineering and
Construction sectors.  It has been an Alliance Partner with Druid since its
establishment in 1997, and it focuses on the implementation of SAP solutions
in complex manufacturing environments.  Its major customers include Raytheon,
BFGoodrich and Pratt & Whitney.  Synergy's revenues for the year ending 31
December 2000 were $21.3million.

The founders, who collectively own the outstanding shares in Synergy, will
remain with the company and will continue to manage Synergy's business within
the enlarged Group.  The founders have agreed to retain at least half of the
initial consideration in FI shares until mid 2003 and at least 25% until mid

The consideration, which will be satisfied in FI shares, will be for a maximum
of US$39.7 million. The initial consideration will be US$19.9 million, plus a
maximum deferred consideration of US$19.8 million payable on the satisfaction
by Synergy of certain performance targets in calendar year 2001 and calendar
year 2002.

The initial consideration will be satisfied by the issue and allotment by FI
of 4,094,290 ordinary shares of 5 pence each in the share capital of FI.  The
deferred consideration will also be satisfied by the issue and allotment by FI
of a maximum of a further 4,094,290 ordinary shares of 5 pence each based on
the share price at the time that the deferred consideration becomes payable.
The new shares will rank pari passu with the existing ordinary shares in

Application has been made to the UK Listing Authority and to the London Stock
Exchange for 4,094,290 FI Shares to be admitted to the Official List and to
trade on the London Stock Exchange. It is expected that admission of these
shares will be granted on 19 April 2001 and that dealings will commence on
that day.

F.I.Group's Chairman Hilary Cropper, commenting on the acquisition, said: 'The
acquisition of Synergy is a further step in the execution of FI's
international expansion.  It also underlines FI's worldwide sector focus in
Aerospace and Defence and adds strong local management to our operations in
North America.  As an alliance partner of Druid, Synergy already shares a
common set of approaches to and methodologies for major projects and this will
assist the smooth transition of Synergy and its workforce into the Group.  I
would like to extend a warm welcome to our new colleagues.'



F.I.Group plc

Geoff Dunn, Finance Director

Tricia Gardom, Communications Director

Allan Wood, Managing Director, Druid

Tel: 01442 233339

Tel: 020 7831 3113 on 19 April only

Financial Dynamics

Giles Sanderson / Ben Atwell

Tel: 020 7831 3113

Editor's note:

F.I.GROUP is a leading supplier of IT services for major organisations
worldwide, specialising in business consulting, information technology and
outsourcing.  The Group's global operations cover the UK, USA, Continental
Europe, India and Asia Pacific.

F.I.GROUP's portfolio includes First Banking Systems (a joint venture with The
Bank of Scotland), IIS Infotech, its Indian organisation which provides an
offshore delivery capability, and change management and IT consultancy firms
OSI and Druid. These are supported by FI's further capabilities in skills
transfer and resourcing.

Further information is available at