Evolving Systems Named Colorado's Fastest Growing Public Company

ENGLEWOOD, CO--(Marketwire - Oct 17, 2012) - Evolving Systems, Inc. (NASDAQ: EVOL), a leading provider of strategic solutions to telecom operators worldwide, today announced it was named Colorado's fastest growing public company by virtue of its 573% growth in net income between 2009 and 2011. During that period the Company's net income grew from $4.8 million to $32.3 million.

Colorado's "Top Public Companies" list was compiled by the Denver Business Journal, which featured Evolving Systems and its CEO, Thad Dupper, in a recent news story.

It was the second time Evolving Systems has won the Fastest Growing Public Company Award -- the first was in 2010 in recognition of the Company's 700% net income growth between 2007 and 2009.

"We are very pleased to again rank at the top of the list of Colorado companies in the category of profitability," said Thad Dupper, CEO at Evolving Systems. "We are keenly focused on building value for our stockholders by managing our business for growth in both our top and bottom lines. Through the first six months of 2012 we have generated $2.9 million in net income on revenue of $12.6 million and have achieved a 66% increase in total backlog over the same time last year. We recently won our first customer in China for our high-growth Dynamic SIM Allocation™ solution and are looking forward to another strong full-year performance."

About Evolving Systems®
Evolving Systems, Inc. (NASDAQ: EVOL) is a provider of software and services to 50 network operators in over 40 countries worldwide. The Company's product portfolio includes market-leading activation products that address subscriber service activation, SIM card activation, mobile broadband activation as well as the activation of connected devices. 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 United States' Private Securities Litigation Reform Act of 1995, based on current expectations, estimates and projections that are subject to risk. Specifically, Evolving Systems' statements about the Company's continued ability to post financial results that are similar to those described in this press release; Dynamic SIM Allocation being a high growth product; our expectation for another strong annual performance; and managing our business for revenue and earnings growth are forward-looking statements. Readers should not place undue reliance on these forward-looking statements, and Evolving Systems may not undertake to update these forward-looking statements. Actual results could differ materially because of many factors, such as internal budgeting changes of customers, the impact of competition and the general state of the telecommunications industry. For a more extensive discussion of Evolving Systems' business, please refer to the Company's Form 10-K filed with the U.S. SEC on March 30, 2012, as well as subsequently filed Forms 10-Q, 8-K and press releases and the Company's website at www.evolving.com.