Evolving Systems Announces Share Repurchase Program

ENGLEWOOD, CO--(Marketwire - May 20, 2011) - Evolving Systems, Inc. (NASDAQ: EVOL), a leading provider of software solutions and services to the wireless, wireline and cable markets, today announced that its Board of Directors has authorized a share repurchase program for up to $5.0 million in aggregate of the Company's common stock.

Beginning on May 20, 2011, and continuing through December 31, 2011, the Company intends to make purchases from time to time at prevailing market prices either in the open market or through privately negotiated transactions. The size and timing of such purchases, if any, will be based on market and business conditions as well as other factors. The Company is not obligated to purchase any shares. Purchases under the program can be discontinued at any time the Company determines additional purchases are not warranted. As of May 6, 2011, Evolving Systems had 10,762,814 shares outstanding.

"This program underscores the confidence management and the Board have in the Company's long-term growth prospects as well as our ongoing commitment to enhance shareholder value," said Thad Dupper, Chairman and CEO. "We believe that the current market value of our shares does not accurately reflect the underlying value of the Company and the repurchase program represents an attractive opportunity to deploy capital in a way that will benefit stockholders." Dupper added that the Company will finance the purchases with existing cash on the balance sheet and funds from operations and not from proceeds of the pending sale of the Company's Numbering assets.

About Evolving Systems®
Evolving Systems, Inc. (NASDAQ: EVOL) is a provider of software and services to more than 70 network operators in over 40 countries worldwide. Its portfolio includes market-leading products for Service Activation, Service Verification, Dynamic SIM Allocation, Number Portability, Number Inventory, M2M and Mediation solutions. Founded in 1985, the Company has headquarters in Englewood, Colorado, with offices in the United Kingdom, India and Malaysia. Further information is available on the web at www.evolving.com.

CAUTIONARY STATEMENT
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, based on current expectations, estimates and projections that are subject to risk. Specifically, statements about the Company's plans to repurchase shares and the value of such shares are forward-looking statements. The Company is not obligated to repurchase shares, and any purchases are subject to availability, market conditions, regulatory constraints, general economic conditions, cash flows and other factors. These statements are based on our expectations and are naturally subject to uncertainty and changes in circumstances. Readers should not place undue reliance on these forward-looking statements, and the Company may not undertake to update these statements. Actual results could vary materially from these expectations. For a more extensive discussion of Evolving Systems' business, and important factors that could cause actual results to differ materially from those contained in the forward-looking statements, please refer to the Company's Form 10-K filed with the SEC on March 8, 2011, as well as subsequently filed Forms 10-Q, 8-K and press releases.